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Understanding Lifetime ISA Rules
The Lifetime ISA (LISA) is a savings account designed to help individuals save for their first home or retirement. But, as you might expect there are LifetimeISA rules that...
Secondary Annuities Market: Why Plans Were Abandoned
What Was the Secondary Annuities Market? The secondary annuities market was a proposed system allowing individuals to sell their annuities for a lump sum. The idea was...
Invest with HMRC?!
Following the reduction in base rate in August from 0.5% to 0.25%, HMRC have amended the interest rate due on late paid tax. HMRC have reduced all interest charge rates from...
EIS, SEIS and now investors’ relief!
The aim of investors’ relief is to attract new investment into unlisted companies. The legislation is still not final but amendments have been made to extend the relief to...
Payments from overseas to HMRC
Updated Bank Details for Payments from Overseas to HMRC If you need to make payments from overseas to HMRC, be aware that HMRC’s bank account details have changed. These...
Trusts and the dividend tax rate
For interest in possession trusts, unless the dividends are mandated directly to the beneficiaries, they will have to start completing tax returns again from 6 April 2017....
Failed PETS
Not dogs or cats but gifts between individuals which in lifetime are potentially exempt transfers (PETS). Should the donor survive more than seven years from the date of the...
Enterprise Investment & Seed Enterprise Investment Scheme
The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) offer valuable tax reliefs to investors in UK companies. However, navigating the rules can...
Paying HMRC by Credit Card: New Fees Explained
Many taxpayers prefer paying HMRC by credit card for convenience, but it comes with a processing fee. Previously, HMRC charged a flat 1.5% fee for all card payments. This has...
Free fuel for a company car
Just a reminder that you should really do the calculations to see if the provision of free fuel for private motoring is worthwhile. In virtually all cases unless there is high...
Losses from share dealing
Ordinarily one would expect HMRC to not allow such losses as trading losses, only as capital losses. However a recent first tier tribunal has ruled that in the case of A Ali...
Pitfall with cars – No 2 – to lease or not to lease
Leasing a car through a company can seem like a cost-effective way to provide employees or directors with a vehicle. However, there are key company car lease tax pitfalls that...
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