Private Residence Election – update

03/12/2014

Principal Private Residence election update We would refer you to our article back in June 2014, when we reported that the Government and HMRC were looking to withdraw this election, although contentiously this arose due to HMRC’s plans to extend Capital Gains Tax (CGT) to non- residents on the disposal of UK residential property. A…

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Autumn Statement 2014 – tax changes

03/12/2014

Summary of tax changes announced in Autumn Statement 3 December 2014 Income tax free allowance increased to £10,600 for 2015/16 and rate of inflation increase also passed to higher rate taxpayers with the higher rate tax band raised to £42,385. Transfers of ISAs to surviving spouses introduced so ISA status maintained and spouse can inherit…

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GOLD!

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28/07/2014

Websters are delighted and proud to announce our achievement of the Investors in People Gold Standard. We first achieved the standard in May 2005 and were then upgraded to Silver status in June 2011. In the UK IIP is the most successful framework for business improvement through people and Gold is the highest level of…

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HMRC launch a new campaign targeting those that receive rental income (including host families)

30/06/2014

HMRC have launched a new crackdown aimed at those who receive rental income and who haven’t declared their income through a self-assessment tax return. The Let Property Campaign gives you the chance to bring your tax affairs up to date if you’re an individual letting out residential property in the UK or abroad, this includes;…

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Will you buy me a flat dad?

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27/06/2014

The tax implications of buying a property for a son or daughter are unlikely to be the primary considerations but there are tax aspects which should be considered. Should the property occupied by the child be owned by the child or the parent? Capital gains tax. Potentially the most significant aspect is the capital gains…

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Recent advice on utilising election to be treated as UK domiciled for IHT purposes

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27/06/2014

There have been two significant improvements in the IHT position of mixed-domicile couples, providing them with more flexibility to mitigate IHT as regards inter-spousal transfers with effect from 6 April 2013. First, the IHT spouse exemption for transfers from a UK domiciled individual to his non-UK domiciled spouse was increased from £55,000 to £325,000 (i.e…

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Pension Auto Enrolment

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27/06/2014

I’m in! Pension Auto Enrolment Changes to the law on workplace pensions now means that any UK business that employs 1 or more people have to put them into a pension scheme.  You will need to: Provide employees with access to a workplace pension scheme Automatically enrol some employees Pay contributions for your employees All…

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Congratulations to Donna!

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27/06/2014

Many congratulations to Donna Whitaker, Personal Tax Account Manager, who last month passed her final ATT exams and is now fully ATT qualified. We are delighted that all her hard work has paid off! Donna has also been busy and was one of the thousands of women who took to the streets of Edinburgh on…

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