Certain gifts can have capital gains tax consequences

Although there will be no CGT on gifts of cash there may be CGT to pay where the gift comprises shares or other assets. This is because the transaction will generally be deemed to take place at market value between connected persons even though no money changes hands....

Collecting unpaid tax for 2017/18 through your PAYE coding

Under certain circumstances, it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a...

Not all shares qualify for CGT entrepreneurs’ relief now

As the result of changes announced in the Autumn Budget, and now incorporated into the latest Finance Bill, not all ordinary shares necessarily qualify for the 10% CGT entrepreneurs’ relief rate on disposal. As mentioned in last month’s Budget newsletter the...

Do you really need to pay higher rate tax?

“Whilst most people will agree that we pay tax to keep the country running, most of us would be happier if we could find a way to persuade the taxman to take a little less of our hard earned cash.” There is a simple way for most of us to pay less tax. It...