ICAEW.com works better with JavaScript enabled.

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.

Contents
Back to top
Man with newspaper
Business woman on phone
Exclusive
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.
Read more
Exclusive
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.
Read more

Capital gains tax

Exclusive An introduction to employee ownership trusts
  • Article
  • 05 Dec 2024
The sale of a company to an employee ownership trust (EOT) is becoming more popular. In the first of two articles on EOTs, Nick Wright explains why this may be the case and how an EOT could be used.
Exclusive The tax benefits of employee ownership trusts
  • Article
  • 05 Dec 2024
In the second of two articles on employee ownership trusts (EOTs), Nick Wright explores the capital gains tax exemption for the shareholders of the trading company and the income tax exemption for employees receiving bonuses.
HMRC provides further guidance on FHL abolition
  • Article
  • 12 Nov 2024
HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
Exclusive Furnished holiday let reform – the last gasp from the March 2024 Budget!
  • Article
  • 07 Nov 2024
The recently published details of forthcoming reforms to the tax treatment of Furnished Holiday Lettings (FHL) income, which were initially announced in the 2024 Budget but omitted from the Finance Bill, signal significant changes effective from the end of the 2024/5 tax year. These reforms, which were announced on 30 July, were confirmed as part of the 2024 Budget package.
View all

Income tax

Tax news in brief 11 December 2024
  • Article
  • 10 Dec 2024
Highlights from the broader tax news for the week ending 11 December 2024, including: an evaluation of rent-a-room relief; a new HMRC tool relating to umbrella companies; and an update on freeports.
New HMRC tool for calculating overlap relief
  • Article
  • 09 Dec 2024
HMRC has published an online calculator that can be used to work out a sole trader or partner’s overlap relief figure for their 2023/24 income tax self assessment (ITSA) return.
Scottish Budget makes income tax changes
  • Article
  • 09 Dec 2024
The Scottish government has set out its tax plans for 2025 to 2026, announcing changes to the income tax starter and basic rate bands and an increase in the rate of the additional dwelling supplement for land and building transaction tax (LBTT).
Exclusive An introduction to employee ownership trusts
  • Article
  • 05 Dec 2024
The sale of a company to an employee ownership trust (EOT) is becoming more popular. In the first of two articles on EOTs, Nick Wright explains why this may be the case and how an EOT could be used.
View all

Inheritance tax

Member Insights: October/November 2024
  • Article
  • 28 Nov 2024
The Autumn Budget met with much criticism by members, with the impact of employers’ national insurance and the national living wage dominating feedback. Meanwhile, announcements on business rates and incentives for growth were conspicuous by their absence.
Exclusive Further thoughts on the Halloween Budget
  • Article
  • 06 Nov 2024
Now that the dust has settled, at least temporarily, on the Autumn Budget, it is worth looking at the implications for those taxpayers who are likely to be affected.
Technical round-up: October 2024
  • Article
  • 31 Oct 2024
This month’s top stories feature eight Budget updates covered by ICAEW’s Tax Faculty, a list of software products that are now ready for MTD ITSA, and new VAT guidance for private schools.
ICAEW welcomes increased funds for HMRC in Autumn Budget
  • Article
  • 30 Oct 2024
HMRC has received additional investment, with its budget for 2024/25 increasing from £4.7bn to £5.2bn, and its initial budget for 2025/26 set at £5.8bn. However, HMRC is expected to make savings of £107m in 2025/26 from continuous improvement.
View all

Watch a Tax Faculty webinar

Webinars and videos have been designed by the Tax Faculty to provide practical guidance to practitioners on important developments to tax practice and policy.

You can register for Tax Faculty webinars by visiting our events page.
Register now
Cameraman filming

Pensions

How agents can help with McCloud tax changes
  • Article
  • 03 Dec 2024
ICAEW explains how agents can make use of HMRC’s online service to correct the tax position of a client affected by the public service pensions remedy (also known as McCloud).
Tax news in brief 16 October 2024
  • Article
  • 15 Oct 2024
Highlights from the broader tax news for the week ending 16 October 2024, including: an update on the new independent film tax credit; HMRC encourages taxpayers to look online for information; and a HMRC one-to-many campaign relating to 2022/23 tax returns.
Tax news in brief 21 August 2024
  • Article
  • 20 Aug 2024
Highlights from the broader tax news for the two weeks ending 21 August 2024, including updates on: requesting overlap relief information from HMRC; the abolition of land transaction tax multiple dwellings relief; and further changes to the legislation providing for the abolition of the pensions lifetime allowance.
HMRC publishes over 100 FAQs on lifetime allowance abolition
  • Article
  • 29 Apr 2024
HMRC has published an update for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance (LTA).
View all

Property tax

Residential land tax hike in Wales
  • Article
  • 11 Dec 2024
In its Budget for 2025-26, the Welsh government has announced that the rates of land transaction tax (LTT) for some purchases of residential property will increase by 1 percentage point.
Tax news in brief 11 December 2024
  • Article
  • 10 Dec 2024
Highlights from the broader tax news for the week ending 11 December 2024, including: an evaluation of rent-a-room relief; a new HMRC tool relating to umbrella companies; and an update on freeports.
Scottish Budget makes income tax changes
  • Article
  • 09 Dec 2024
The Scottish government has set out its tax plans for 2025 to 2026, announcing changes to the income tax starter and basic rate bands and an increase in the rate of the additional dwelling supplement for land and building transaction tax (LBTT).
Inside local government budgets: spending
  • Article
  • 02 Dec 2024
In the second of two articles exploring the work of local authority finance teams, ICAEW takes a look at how councils are spending their funds.
View all

Residence and domicile

Jon Moulton on the first Labour Budget
  • Article
  • 10 Dec 2024
The Labour government’s first Budget presents challenges for private equity, but nothing is insurmountable, says Jon Moulton CBE.
Budget updates on manifesto commitments
  • Article
  • 30 Oct 2024
The government has provided updates on some of the key measures included in the Labour Party’s general election manifesto, including the taxation of “non-doms” and charging VAT on services provided by private schools.
Panel supports UK re-domiciliation regime
  • Article
  • 14 Oct 2024
The panel set up by the previous government to explore a possible UK re-domiciliation regime has outlined how the regime could work and the tax, accounting and insolvency legislation that may be needed.
Exclusive Cryptoassets: international tax issues
  • Article
  • 03 Oct 2024
In the second of a series of articles on cryptoassets, members of ICAEW’s digital assets working party explain the key international tax considerations for individuals holding cryptoassets and for cryptoasset businesses.
Non-doms asked to check 2022/23 tax returns
  • Article
  • 30 Sep 2024
HMRC is asking individuals who are not UK-domiciled (non-doms) and are long-term UK residents to check if they should have paid the remittance basis charge for 2022/23.
Economy explainers: what is the non-dom regime?
  • Article
  • 12 Sep 2024
The Labour government has pledged to deliver on the previous administration’s commitment to abolish the tax rules for non-UK domiciled individuals. ICAEW experts explain what makes someone a non-dom, and why it matters.
View all

Savings and investments

EIS and VCT scheme extended by 10 years
  • Article
  • 09 Sep 2024
Shares issued before 6 April 2035 will qualify for relief under the enterprise investment scheme (EIS) and the venture capital trust (VCT) scheme if all other conditions are met.
Claims for investors’ relief may not be valid
  • Article
  • 09 Aug 2024
HMRC is writing to taxpayers who claimed for investors’ relief on their 2022/23 income tax self assessment (ITSA) return and do not appear to meet the conditions for the relief.
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.
View all

Trusts

Exclusive The tax benefits of employee ownership trusts
  • Article
  • 05 Dec 2024
In the second of two articles on employee ownership trusts (EOTs), Nick Wright explores the capital gains tax exemption for the shareholders of the trading company and the income tax exemption for employees receiving bonuses.
ICAEW supports reform of the trust registration service
  • Article
  • 26 Jun 2024
Having a de minimis level for registration should benefit small trusts that do not fit any of the existing exemptions, but only if the proposed de minimis criteria are appropriate.
Tax news in brief 29 May 2024
  • Article
  • 29 May 2024
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
Exclusive Practical points: personal tax May 2024
  • Helpsheets and support
  • 01 May 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 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.
View all

Looking for support?

Faculty exclusive
Two women staring at a computer screen
TAXconnect

TAXconnect works on a telephone ‘hotline’ system, whereby consultants offer advice to Tax Faculty members on a range of tax problems for a nominal fee.

Search the directory
Library & Information Service
Compass on an orange background
Can't find what you're looking for?

The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.