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
Why crypto is an opportunity for accountants
With more and more people dipping their toe into the world of crypto, accountants increasingly need to become experts in crypto tax compliance and financial planning. Daniel Howitt looks at how.
Making the most of capital losses
The end of the tax year is approaching. A reduction to the capital gains tax annual exempt amount is imminent. This may be a good time for taxpayers to take stock of available capital losses, and ensure they have been claimed, says Mei Lim Cooper.
Landlords looking to sell must prepare for their tax reporting obligations
Whether they’re selling due to changes in the tax regime or simply because of market conditions, landlords looking to offload residential property need to be prepared to meet their CGT compliance obligations, says Gillian Banks.
CTT News and Reports
Income tax
Why crypto is an opportunity for accountants
With more and more people dipping their toe into the world of crypto, accountants increasingly need to become experts in crypto tax compliance and financial planning. Daniel Howitt looks at how.
Reflections on the MTD ITSA deferral
The impact of the December 2022 announcement that the introduction of Making Tax Digital income tax self assessment (MTD ITSA) is being delayed (again) and phased is starting to sink in. Caroline Miskin shares her thoughts on how policy and implementation should develop.
Income tax basis periods - all change from 2023
April 2023 will bring a major shake-up of the rules dictating when trading profits of unincorporated businesses are subject to income tax. Emma Rawson, ATT Technical Officer at Bloomsbury Professional Online, explores the changes and explains what steps can be taken now.
Inheritance tax
HMRC relief statistics: costs in line with tax receipts
The annual release of tax relief statistics, published on 12 January 2023, shows a significant rise in the cost of some reliefs. However, overall, the percentage increase in cost between 2020/21 and 2021/22 was less than the increase in tax receipts over the same period.
CTT News and Reports
CTT News
What to expect from the two Finance Bills
ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.
Pensions
Pension scheme strategies
Advice on tax planning for pension schemes, written for anyone who advises or runs a family or owner-managed company.
What are the tax rates and changes for 2023/24?
With three ‘fiscal events’ this Autumn alone, now is a good time to take stock of the tax changes coming in 2023/24. Whilst we don’t have a complete picture of all taxes, and there may be more information in the March 2023 Spring Budget, we have summarised how to advise so far.
UK considerations for non-UK pension schemes
Peter Ferrigno and Matt Snowdon discuss the tax treatment and implications of participation in non-UK pension schemes.
Residence and domicile
Making the most of capital losses
The end of the tax year is approaching. A reduction to the capital gains tax annual exempt amount is imminent. This may be a good time for taxpayers to take stock of available capital losses, and ensure they have been claimed, says Mei Lim Cooper.
Tax news in brief 6 July
Highlights from the broader tax news for the week ending 6 July 2022, including: L-Day; tax credit renewals; ID for government gateway; HMRC survey on forms; residence indicator tool; CHIEF closed to new importers; and an updated partial exemption toolkit.
TAXline News: July 2022
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty.
Changes to the inheritance tax reporting rules
Changes to the excepted estate rules announced this year will apply from January 1, 2022. ICAEW technical editor Lindsey Wicks looks at the effects as more than 90% of non-taxpaying estates will no longer have to complete full inheritance tax accounts.
Savings and investments
Business investment: the tax/investment balancing act
Competitive tax rates and incentives can encourage investment, but applying this is not quite as simple as it might first seem.
The Growth Plan 2022: Chancellor extends reliefs and incentives for business investment
EIS and VCT schemes extended and scope of SEIS and CSOP schemes widened.
Treasury invites views on reforming UK capital allowance regime
Chancellor Rishi Sunak wants businesses “to have their say” in how investment taxes should be reformed to “drive and sustain growth in the UK.”
Trusts
Gift Aid, loans and loan waivers
HMRC now allows charities to claim gift aid on waived loans if specific conditions are met and the donation is gift aid eligible. Find out how to get it right and structure the gift to maximise the benefit to donor and charity.
Two registers to watch out for
As we all know by now, the Trust Registration Service was set up in 2017, as part of a worldwide drive to reduce money laundering. Although this was done as part of a European initiative, it was agreed as part of the Brexit Withdrawal Agreement that this would be maintained in future. However, another register has been introduced with very little notice or publicity.
Updates to TRS guidance for excluded express trusts
HMRC has updated its Trust Registration Service (TRS) guidance to set out more information on how and when to register an excluded express trust, also known as a Schedule 3A trust.