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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

Landlords advised not to use tax avoidance scheme
  • Article
  • 01 May 2025
HMRC has warned against the use of a capital gains tax (CGT) avoidance scheme that involves an individual transferring their property business to a limited liability partnership (LLP), which is then put into members’ voluntary liquidation (MVL).
CGT adjustment may be needed to 2024/25 tax returns
  • Article
  • 24 Mar 2025
HMRC has published a calculator to work out the adjustment that may be needed to the 2024/25 self assessment tax return as a result of the in-year change to the main rates of capital gains tax (CGT).
Ten tax changes taking effect from April 2025
  • Article
  • 28 Feb 2025
ICAEW’s Tax Faculty picks out 10 important changes applying from 1 April 2025 for companies and 6 April 2025 for individuals and unincorporated businesses.
Employee ownership trusts: the tax benefits
  • Article
  • 18 Feb 2025
While not the primary reason for their creation, employee ownership trusts offer significant tax benefits for existing shareholders and employees alike, as Nick Wright explains.
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Income tax

Exclusive Follow the numbers: Frozen personal tax thresholds
  • Article
  • 01 May 2025
The Office of Budget Responsibility’s latest economic and fiscal outlook, published alongside the Spring Statement on 26 March 2025, shows how the policy to freeze personal tax thresholds is affecting tax revenues and the tax system.
Technical round-up: April 2025
  • Article
  • 30 Apr 2025
This month’s top stories feature new sanctions for tax advisers; a warning for couples with furnished holiday lets; and a dip in HMRC performance.
Cyber security: fake payments, receipts and invoices on the rise
  • Article
  • 30 Apr 2025
April cyber round-up: new technologies are creating new threats. Here’s how accountants can guard against them.
Government announces raft of tax simplification measures
  • Article
  • 29 Apr 2025
ICAEW’s Tax Faculty provides a summary of the key measures announced by the government on 28 April 2025 as part of a tax administration and simplification update, including a welcome delay to plans for mandatory payrolling of benefits in kind (BIK).
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Inheritance tax

Government’s plans for inheritance tax may have severe consequences
  • Article
  • 07 May 2025
ICAEW has responded to the government’s consultation on how the proposed changes to agricultural property relief (APR) and business property relief (BPR) for inheritance tax (IHT) will apply to property settled into trust.
Landlords advised not to use tax avoidance scheme
  • Article
  • 01 May 2025
HMRC has warned against the use of a capital gains tax (CGT) avoidance scheme that involves an individual transferring their property business to a limited liability partnership (LLP), which is then put into members’ voluntary liquidation (MVL).
Exclusive Life insurance
  • Article
  • 10 Apr 2025
The changes to Agricultural Property Relief and Business Property Relief, announced in the Budget on 30 October 2024, bring life insurance back into sharp focus.
Exclusive Post budget planning – an old friend returns
  • Article
  • 10 Apr 2025
As the furore over the Inheritance Tax changes in the 2024 Budget continues to rage, and practitioners dust off their tax planning archives to find ways to help the next generation, an old and sometimes overlooked tool is coming back to prominence.
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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.
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Pensions

Tax news in brief 2 April 2025
  • Article
  • 01 Apr 2025
Highlights from the broader tax news for the week ending 2 April 2025, including: a webinar from HMRC on proposals aimed at tackling tax advisers who facilitate tax avoidance; and an update on the independent loan charge review.
International tax treatment of pension lump sums clarified
  • Article
  • 27 Mar 2025
HMRC has updated its international manual to include long-awaited guidance on the tax treatment of lump sum pension payments under the UK’s double tax agreements (DTAs).
Tax news in brief 29 January 2025
  • Article
  • 28 Jan 2025
Highlights from the broader tax news for the week ending 29 January 2025, including: an update on Finance Bill 2024-25; new HMRC guidance on labour supply chain assurance; and notification of a one-to-many campaign from HMRC.
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).
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Property tax

Government’s plans for inheritance tax may have severe consequences
  • Article
  • 07 May 2025
ICAEW has responded to the government’s consultation on how the proposed changes to agricultural property relief (APR) and business property relief (BPR) for inheritance tax (IHT) will apply to property settled into trust.
Landlords advised not to use tax avoidance scheme
  • Article
  • 01 May 2025
HMRC has warned against the use of a capital gains tax (CGT) avoidance scheme that involves an individual transferring their property business to a limited liability partnership (LLP), which is then put into members’ voluntary liquidation (MVL).
Technical round-up: April 2025
  • Article
  • 30 Apr 2025
This month’s top stories feature new sanctions for tax advisers; a warning for couples with furnished holiday lets; and a dip in HMRC performance.
April 2025
  • Article
  • 15 Apr 2025
Topic include: The Spring Statement, the Reserved Investor Fund, business rates, SDLT and the Construction Industry Scheme.
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Residence and domicile

Exclusive Why non-resident landlords may pay more corporation tax
  • Article
  • 01 May 2025
Andy Tall explores the principle of ‘non-discrimination’ and explains why most non-resident companies with UK property income cannot rely on it to pay corporation tax at a rate lower than 25%.
New process and rules for international employees
  • Article
  • 25 Apr 2025
ICAEW is reminding employers of the changes made from 6 April 2025 to the process for operating pay as you earn (PAYE) for globally mobile or treaty non-resident employees and to overseas workdays relief.
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.
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Savings and investments

Exclusive Investors’ relief: stepping out of the shadows
  • Article
  • 06 Feb 2025
Although not as well known as business asset disposal relief, investors’ relief is just as generous and just as challenging. Stephen Relf and Katherine Ford explain why.
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.
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Trusts

Capital gains tax: Business property relief denied on furnished holiday lets
  • Helpsheets and support
  • 01 May 2025
The First-tier Tribunal (FTT) has upheld HMRC’s position that business property relief (BPR) was not available on a business that included five furnished holiday lets (FHLs)...
Five tips for dealing with HMRC: trusts, estates and IHT
  • Article
  • 13 Mar 2025
Following a meeting with HMRC’s trust and inheritance tax (IHT) teams, ICAEW’s Tax Faculty has pulled together five tips which may help taxpayers and agents to complete tasks more quickly and HMRC to make best use of its resources.
Government considers impact of inheritance tax reforms on trusts
  • Article
  • 28 Feb 2025
The government is consulting on how its proposed changes to agricultural property relief (APR) and business property relief (BPR) will apply to property settled into trust.
Need to know: employee ownership trusts
  • Article
  • 18 Feb 2025
The sale of a company to its employees is on the rise. Nick Wright looks at why and explores the pros and cons and potential structure of an employee ownership trust.
HMRC will not accept some in-year trust and estate tax returns
  • Article
  • 11 Feb 2025
Due to the change in the rate of capital gains tax (CGT) from 30 October 2024, trustees and personal representatives (PRs) may need to wait until after the end of the tax year to submit 2024/25 tax returns.
HMRC accused of damaging trust in the tax system
  • Article
  • 22 Jan 2025
Parliament’s Public Accounts Committee (PAC) says HMRC’s customer services have “deteriorated even further” from last year’s “all-time low” as HMRC answered just 66.4% of calls against a target of 85%.
Update on making tax digital and jointly owned property
  • Article
  • 21 Jan 2025
HMRC has made changes to the making tax digital income tax (MTD IT) notices, mainly relating to income from property. The current self assessment reporting relaxation for joint property will not be available to those in MTD IT.
Buyers of residential property to pay more in land tax, warns ICAEW
  • Article
  • 20 Jan 2025
ICAEW explains why buyers of residential property could face increased liabilities to stamp duty land tax (SDLT), and similar taxes in Scotland and Wales, and highlights an area where mistakes could be made.
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