Features and articles from ICAEW on taxation related to the taxation of properties in the UK tax regime.
ICAEW’s Tax Faculty reflects on the tax recommendations contained in the government’s net zero review chaired by Chris Skidmore MP, the former energy minister.
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.
Highlights from the broader tax news for the week ending 18 January 2023, including: Finance Act Royal Assent; Agent Maintainer Team; ATED revaluations; changes to HMRC statistics publications; and administration of Scottish income tax.
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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.
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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.
ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.
Highlights from the broader tax news for the week ending 30 November 2022, including: registering a client for VAT as an agent; the latest advisory fuel rates; wet signatures not required for IHT100 forms; changes to IHT400 forms; ATED relief for “Homes for Ukraine”; and details of benefit and pension rates for 2023/24.
Businesses with premises in England and Wales should check the list to ensure revaluations carried out by the Valuation Office Agency (VOA) are accurate. This will enable them to budget for any increased rate liabilities, before they come into force in April 2023.
Amid uncertainty that government support for businesses will run beyond the six months currently stated, the flexible workspace sector is lobbying for more long-term support.
The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.