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.

In this section

Taxes on Sale of Shares held in the Farm Partnership

Over the years, a number of farm businesses will have acquired parcels of quoted shares, sometimes by way of a purchased investment, but more commonly when spun out on the flotation of a co-operative trading entity. Many farm accountants have been seeing these shares being sold by their farming clients, some of which have grown significantly in value over the years. This article will briefly cover some of the salient tax aspects.

Draft Finance Bill 2022-23: personal tax measures

Government announcements on legislation day include possible changes to the capital gains tax rules on separation and a significant consultation on improving the data HMRC collects from taxpayers. ICAEW’s Tax Faculty summarises the planned measures likely to affect individuals.

Tax news in brief 3 August 2022

Highlights from the broader tax news for the week ending 3 August 2022, including: penalties for facilitating avoidance schemes involving non-resident promoters; a review of hybrid and distance working; and a reminder to review eligibility to claim the marriage allowance.

Land registry issues

A change of policy by the Inheritance Team at HMRC has led to issues at the Land Registry where charges are being applied to land where the ownership details are being updated following a death in the name into the names of the beneficiary. Previously, to register land, an application for a clearance certificate (IHT30) was historically automatically sent out by HMRC. Now these need to be applied for.

Will land in fully environmental usage still be eligible for APR?

With the general move towards ‘greener’ farming following on from the Health and Harmony consultation and the Agriculture Act, some concerns have been raised as to whether land which is put into long term schemes that are fundamentally environmental rather than agricultural will still be eligible for the existing Inheritance Tax reliefs.

Pensions and benefits

A full chapter on the taxation of pensions and benefits in the UK, written for tax practitioners.

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.

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.

Trust Registration Service Update

New rules require all UK express trusts and some non-UK trusts to register with HMRC. This includes non-taxable trusts unless the trust is specifically excluded.