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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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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.
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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.
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Capital gains tax

Need to know: CGT on residential properties
  • Article
  • 29 Jul 2024
Reductions in the tax-free amount mean more taxpayers will find themselves caught in the capital gains tax net. We look at the issues to be aware of, including 60-day reporting and recent developments relating to principal private residence relief.
Exclusive CGT on residential properties – an update
  • Article
  • 03 Jul 2024
More taxpayers will find themselves caught in the capital gains tax net due to reductions in the tax-free amount. Gillian Banks looks at the demands of 60-day reporting and provides an update on recent developments relating to principal private residence relief.
Exclusive Working out the date of disposal isn’t always child’s play
  • Article
  • 30 Apr 2024
How do you determine when an asset was sold when there is no formal documentation? Stephen Relf looks at a recent tax case where the First-tier Tribunal had to do just that.
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.
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Income tax

Tax return fix for student loan deductions
  • Article
  • 09 Sep 2024
Taxpayers who make student loan repayments and whose income includes payrolled benefits in kind (BIK) should follow HMRC’s guidance when completing their self assessment (SA) tax return, warns ICAEW.
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.
MTD update: HMRC guidance, email and event
  • Article
  • 06 Aug 2024
HMRC has confirmed how it works out property income for the making tax digital (MTD) income tax self assessment (ITSA) threshold test. It is also stepping-up efforts to encourage taxpayers to join private beta testing.
Don’t forget the 31 July payment on account deadline, warns ICAEW
  • Article
  • 03 Jul 2024
The second payment on account towards income tax self assessment (ITSA) liabilities and class 4 national insurance contributions (NIC) for 2023/24 is due by 31 July 2024.
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Inheritance tax

Improved processes for trusts and estates
  • Article
  • 03 Sep 2024
Updates to forms should make it easier to inform HMRC of a chargeable event for inheritance tax (IHT), and to speed-up probate applications and dealing with an estate.
Exclusive Butler & Others v HMRC [2023]
  • Article
  • 17 Jul 2024
The result of a recent First Tier Tribunal case on a failed claim for 100% Business Property Relief (BPR) on an interest in a Limited Liability Partnership (LLP) which ran a wedding business will be of interest to members and rural businesses alike.
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.
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Pensions

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.
Data, skills and building trust: what’s in the King’s speech?
  • Article
  • 18 Jul 2024
A bumper King’s speech marked the state opening of parliament, containing 40 bills. These are the most relevant for business.
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).
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.
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Property tax

Charity reliefs under the spotlight
  • Article
  • 28 Aug 2024
Is removing the VAT exemption from private school fees and slashing business rates relief for charitable independent schools the thin end of the wedge for the Third Sector?
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.
Need to know: CGT on residential properties
  • Article
  • 29 Jul 2024
Reductions in the tax-free amount mean more taxpayers will find themselves caught in the capital gains tax net. We look at the issues to be aware of, including 60-day reporting and recent developments relating to principal private residence relief.
Exclusive Butler & Others v HMRC [2023]
  • Article
  • 17 Jul 2024
The result of a recent First Tier Tribunal case on a failed claim for 100% Business Property Relief (BPR) on an interest in a Limited Liability Partnership (LLP) which ran a wedding business will be of interest to members and rural businesses alike.
View all

Residence and domicile

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.
Tax news in brief 01 May 2024
  • Article
  • 30 Apr 2024
Highlights from the broader tax news for the week ending 1 May 2024, including: an opportunity to give your thoughts on the non-dom changes; new legislation affecting building societies and individuals involved in the UEFA Champions League final; and changes to HMRC’s guidance for tour operators.
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.
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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.
Career paths: Millie Counsell, LAVA Advisory Partners
  • Article
  • 09 Jul 2024
A brave career decision after graduating during COVID-19 lockdowns is now paying dividends for Millie Counsell’s progress at LAVA Advisory Partners, she says.
Insider dealing: August Equity’s MBO of StarTraq
  • Article
  • 10 May 2024
Carefully studying the opportunity in a niche sector has paid dividends for August Equity in the past. Investment partner Mickey Patel discusses the firm’s latest move into public sector software-as-a-service.
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Trusts

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.
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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