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.
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.
Need to know
In this section
Capital gains tax
Upcoming changes to tax in April 2020
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
TAXline News: April 2020
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during April 2020.
Changes to CGT on residential property
PwC's Gillian Banks, Vicky Smallwood from PKF Francis Clark and Frank Haskew, Head of ICAEW Tax Faculty, explain the new rules on capital gains tax (CGT) on residential property.
Personal tax
FAQ on on the tax implications of a client gifting rental property, which they own outright, to their adult children.
Income tax
Upcoming changes to tax in April 2020
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
COVID-19: Don't lose sight of marriage allowance
24 March: ICAEW's Tax Faculty is urging members not to forget the marriage allowance and the potential support it could offer couples in these uncertain times.
COVID-19: VAT and self assessment payment deferral
Updated March 31: The UK government is supporting businesses during the coronavirus pandemic by deferring VAT and self assessment payments. ICAEW's Tax Faculty outlines how the deferral will work.
Inheritance tax
Upcoming changes to tax in April 2020
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
Tax trouble for siblings and children
While gathering tax news from around Christmas, Anita Monteith came to the conclusion that issues of tax related to orphaned children, siblings and marriages is just not fair at all.
Personal tax
FAQ on on the tax implications of a client gifting rental property, which they own outright, to their adult children.
Understanding taxing trusts
How and why trust income and capital gains are taxed differently.
Pensions
TAXguide 01/20 Tax Treaty Briefing September/December 2019
This information is based on the author’s work, Practical International Tax Planning for UK Businesses and is reproduced with the consent of the publishers, Croner-i
TAXguide 17/19 - Pensions - saving and drawing - a roundup of recent changes
This guide is intended as a roundup of some of the changes to registered pension schemes since 2006. It is not intended to be a definitive guide to pensions, more an index alerting the reader to changes that perhaps require further research.
TAXbite: Check your NIC record!
An introduction to checking your national insurance contributions.
Principal private residence relief
Upcoming changes to tax in April 2020
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
Step on or step up the property ladder
Members in practice, financial advisory, business and all of us in our private lives are impacted by decisions around mortgages. Jatin Patel (JP), Founding Partner in Kinnison Limited, unwraps the property market.
Changes to CGT on residential property
PwC's Gillian Banks, Vicky Smallwood from PKF Francis Clark and Frank Haskew, Head of ICAEW Tax Faculty, explain the new rules on capital gains tax (CGT) on residential property.
An update on the Higgins case on private residence relief
Gillian Banks of PwC follows up on her August 2017 article on the Higgins case regarding private residence relief, which has since been found in Higgins’ favour in the Court of Appeal.
Residence and domicile
COVID-19: Exceptional circumstances for UK tax residence test
20 March: The number of days a person spends in the UK is critical in determining tax residence, but HMRC may be sympathetic during the COVID-19 pandemic. ICAEW's Tax Faculty gives an overview of the situation.
Residence/domicile and treatment of inherited land
FAQ on the assessment of residential status of the UK-born daughters of a client who has been a UK resident for 25 years ago but was non-domiciled when he arrived, for the purpose of selling a piece of land inherited from the man's father.
TAXguide 08/19: Inheritance tax on overseas property representing UK residential property
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. TAXguide 08/19 presents questions and draft suggested answers together with comments from HMRC on areas of uncertainty in the statutory provisions covering the extension of inheritance tax to overseas property.
TAXguide 03/19: Finance Act 2018 section 35 and schedule 10 – settlements anti-avoidance
This TAXguide has been prepared by committee members of STEP, ICAEW, the CIOT and the Law Society to highlight practical issues and uncertainties raised by Finance Act 2018 Schedule 10 (Settlements: Anti-avoidance, etc.).
Savings and investments
Taking a risk with venture capital schemes
In the run up to the 2017 Autumn Budget, there were some concerning rumours that the Treasury had decided that the venture capital schemes (ie, venture capital trusts (VCTs), the enterprise investment scheme (EIS) and seed enterprise investment scheme (SEIS)) did not deliver value for money to the UK taxpayer and that they were focussed on providing tax reliefs for wealthy individuals. There were even rumours that the EIS and SEIS were going to be abolished completely.
TAXguide 11/19: Capital allowances update
This TAXguide will cover the key changes to the capital allowances regime since Tax Practice supplement 21 on the subject in September 2008.
TAXguide 07/19: A Guide to Principal Private Residence relief
Questions around the tax treatment of someone’s principal private residence (PPR) arise with some frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.
Trusts
HMRC agent strategy and services
Frank Haskew and Caroline Miskin discuss the latest developments on HMRC’s agent strategy and services.
HMRC agent strategy and services
Frank Haskew and Caroline Miskin discuss the latest developments on HMRC’s agent strategy and services.
TAXline News: March 2020
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during March 2020.