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Personal tax

Expert commentary and practical guidance from ICAEW related to personal taxation, covering areas including: capital gains tax, income tax, inheritance tax, pensions, residence and domicile, savings and investments and trusts.

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Guidance

MTD for individuals

MTD for individuals is centred around the Personal Tax Account (PTA) which already has many of the services needed by PAYE taxpayers. HMRC continues to improve and develop the PTA.
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Taxline

Practical points: personal tax January 2024

Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and residence and domicile.
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Capital gains tax

Consider using the real-time CGT service to report gains
  • Article
  • 23 Apr 2024
ICAEW’s Tax Faculty is reminding taxpayers that HMRC's real-time service can be used to report capital gains outside of self assessment, including gains on cryptoassets.
Tax news in brief 17 April 2024
  • Article
  • 16 Apr 2024
Highlights from the broader tax news for the week ending 17 April 2024, including: how Labour intends to close the tax gap; a change to the form for reporting a residential property gain; and new HMRC guidance for employers on giving foreign tax relief.
Exclusive The joy of giving
  • Article
  • 15 Apr 2024
There have been several cases heard in the Tax Tribunal relating to the values to be ascribed to shares in small public companies that have been gifted to charity. These companies have normally been launched onto the AIM market or the Channel Islands Stock Exchange (CISX) relatively shortly before the gifts are made. Examples of such cases in the public domain include N Green and HMRC (Chartersea plc), J Netley and HMRC (Frenkel Topping Group plc), McArthur and Anor and HMRC (Baa Bar Group plc), Nice, Robinson and HMRC (Mount York) and Close, Nuttall and HMRC (Readybuy plc). These cases cover ...
Insight: employee ownership trusts
  • Article
  • 09 Apr 2024
Will the growing enthusiasm for employee ownership trusts be damped down by new legislation? David Prosser reports on the hopes and fears of those in the know.
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Income tax

The unfortunate unfairness of tax thresholds
  • Article
  • 26 Apr 2024
Thresholds are an integral part of the tax system, but can cause challenges for taxpayers and administrators alike. We look at the areas that cause the biggest issues.
Avoid payroll errors with HMRC’s online starter checklist
  • Article
  • 26 Apr 2024
New employees should complete the starter checklist before their first payday so their employer can report the details via PAYE RTI to HMRC correctly first time.
Consider using the real-time CGT service to report gains
  • Article
  • 23 Apr 2024
ICAEW’s Tax Faculty is reminding taxpayers that HMRC's real-time service can be used to report capital gains outside of self assessment, including gains on cryptoassets.
MTD ITSA private beta testing relaunched
  • Article
  • 23 Apr 2024
Check the eligibility criteria for MTD ITSA private beta testing and if your software developer is ready. An ICAEW Tax Faculty webinar on 24 April will explain more.
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Inheritance tax

Exclusive Clarity on the tax treatment of land held in environmental schemes
  • Article
  • 05 Apr 2024
It seems a long time ago that the consultation on the taxation of environmental land management schemes was launched. The consultation period ended in June and, after what must have been considerable contemplation, a response was issued within the appendices to the March 2024 Budget.
New guidance on applying for help with paying IHT
  • Article
  • 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Tax news in brief 24 January 2024
  • Article
  • 23 Jan 2024
Highlights from the broader tax news for the week ending 24 January 2024, including: time to pay arrangements; preparing for changes on moving goods from Ireland to Great Britain; HMRC research on VAT penalty reform; insolvency guidance on operating PAYE; and updates to the process for applying for probate.
Trusts – their use in Personal Financial Planning
  • Article
  • 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
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Webinars and videos have been designed by the Tax Faculty to provide practical guidance to practitioners on important developments to tax practice and policy.

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Pensions

HMRC publishes extra guidance on lifetime allowance abolition
  • Article
  • 09 Apr 2024
HMRC has published additional guidance for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance.
Exclusive Ways to tackle tax threshold unfairness
  • Article
  • 04 Apr 2024
Patricia Mock and Sally Campbell, co-authors with Bill Dodwell of a recent Tax Law Review Committee discussion paper, consider a range of principles to help inform future tax policy.
New guidance on applying for help with paying IHT
  • Article
  • 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
ICAEW technical updates: March 2024
  • Article
  • 26 Mar 2024
This month’s top stories include Spring Budget announcements, HMRC halting the decision to restrict helplines, and more guidance on the lifetime allowance abolition.
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Property tax

Welsh government consults on LTT multiple dwellings relief
  • Article
  • 11 Apr 2024
The Welsh government is consulting on several changes to land transaction tax, including the abolition of multiple dwellings relief.
Exclusive Clarity on the tax treatment of land held in environmental schemes
  • Article
  • 05 Apr 2024
It seems a long time ago that the consultation on the taxation of environmental land management schemes was launched. The consultation period ended in June and, after what must have been considerable contemplation, a response was issued within the appendices to the March 2024 Budget.
ICAEW technical updates: March 2024
  • Article
  • 26 Mar 2024
This month’s top stories include Spring Budget announcements, HMRC halting the decision to restrict helplines, and more guidance on the lifetime allowance abolition.
HMRC corrects advice given on tax relief for boiler repairs
  • Article
  • 19 Mar 2024
In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect.
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Residence and domicile

Saqib Bhatti MP: digital identity verification on way
  • Article
  • 29 Apr 2024
Following ICAEW’s Manifesto call for the UK to develop the skills to lead on AI, Saqib Bhatti MP discussed the government’s technology priorities in a conversation with CEO Alan Vallance.
ICAEW technical updates: March 2024
  • Article
  • 26 Mar 2024
This month’s top stories include Spring Budget announcements, HMRC halting the decision to restrict helplines, and more guidance on the lifetime allowance abolition.
Draft legislation published for some Spring Budget 2024 measures
  • Article
  • 18 Mar 2024
The Spring Finance Bill contains legislation which increases the thresholds for the high income child benefit charge and abolishes multiple dwellings relief for SDLT.
Non-dom regime replaced by foreign income and gains regime
  • Article
  • 06 Mar 2024
In the Spring Budget, the Chancellor announced that the current remittance basis of taxation will be abolished for UK resident non-domiciled individuals from 6 April 2025 and replaced by a new four-year foreign income and gains (FIG) regime.
A pre-election Budget lacking in rabbits or hats
  • Article
  • 06 Mar 2024
An extension of full expensing to leases is welcome news for businesses in a Budget that delivers nothing unexpected.
Exclusive Inheritance tax: pitfalls and planning points
  • Article
  • 03 Aug 2023
Inheritance tax has been in the public eye again in recent months, sparking media debate on the merits and demerits of one of the UK’s least favourite taxes. Mei Lim Cooper looks at some of the pitfalls and planning points for inheritance tax as it stands.
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Savings and investments

Employers, directors and shareholders to give HMRC more information
  • Article
  • 19 Mar 2024
Draft regulations require employers to provide more details of employees’ hours to HMRC. Additionally, shareholders will need to provide details of close company shareholdings and dividends.
HMRC prompts disclosure of dividend income
  • Article
  • 05 Feb 2024
HMRC has written to company owners who it believes may have failed to declare dividend income.
Autumn Statement: the tax changes that didn’t make the headlines
  • Article
  • 29 Nov 2023
ICAEW’s Tax Faculty scans the Autumn Statement documents for other tax-related announcements. Various tax measures can be found in the Overview of tax legislation and rates, the Autumn Statement, and updated Tax information and impact notes.
Employee engagement and productivity: How Cooper Parry’s investment in staff training and well-being is paying dividends
  • Article
  • 17 Oct 2023
Accountancy firm and ICAEW member Cooper Parry has long taken an innovative approach to staff well-being and happiness. But in the post-pandemic world, things like flexible and remote working no longer made it stand out, so it’s updating its employee offer.
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Trusts

Capital gains tax: Treaty residence, trusts and unpublished decisions
  • Helpsheets and support
  • 04 Apr 2024
The Upper Tribunal has dismissed the taxpayers’ appeal in the capital gains tax case Haworth and others v HMRC. The case involved the use of a ‘round the world’ scheme, involving overseas family trusts...
New guidance on applying for help with paying IHT
  • Article
  • 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Trust transparency measures ‘need more thought’
  • Article
  • 26 Feb 2024
ICAEW urges the government to rethink its approach on improving transparency for land-holding trusts.
Exclusive Changes to the rules for low-income trusts and estates
  • Article
  • 02 Feb 2024
Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
Trusts – their use in Personal Financial Planning
  • Article
  • 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
Exclusive Australian Taxation Office issues guidance on new corporate collective investment vehicle regime
  • Article
  • 04 Dec 2023
Jock McCormack of DLA Piper Australia provides an update after the issuance of a draft ruling on the operation of a new investment vehicle that is governed by trust taxation rules.
Updated Statement of Insolvency Practice 3.3 Scotland (Trust Deeds)
  • Article
  • 27 Sep 2023
A revised SIP 3.3 relating to trust deeds has been issued. It was approved by the Joint Insolvency Committee and each of the recognised professional bodies following consultation with the profession and wider sector stakeholders. The main changes in the revised SIP 3.3 relate to the principles, key compliance standards and standards of specific applications being, as far as practicable, aligned with the recently revised SIP 3.1 relating to individual voluntary arrangements taking account of Scots law, trust deed procedures, appropriate terminology, etc.
Charity tax reforms should not overly burden charities, cautions ICAEW
  • Article
  • 25 Jul 2023
While ICAEW’s Tax Faculty supports HMRC’s efforts to counter the abuse of charity tax rules, any reforms should be proportionate to the issue. Otherwise, the reforms risk deterring volunteer involvement and vital donations to charities.
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