Category Archives: Personal Tax

A Picture of Aidan Roberson - Tax Manager

What happens if you withdraw valuable euros now? Back on 5 April 2012 the law said that you had to pay capital gains tax on the foreign exchange gains in bank accounts. Thankfully, the following day new rules came in which exempted gains (and losses) on bank accounts holding foreign currency.

Capital gains tax on foreign exchange gains and losses for individuals

Aidan Roberson - Tax Manager - aroberson@goodmanjones.com

Updated on 17th December 2019

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A Picture of Richard Verge - Tax Director

It’s important to understand the new rules, and their implications for your portfolio strategies. And it’s vital that your ownership structures take account of the risks, while being as tax efficient as possible.

Foreign ownership of UK property: What do the new rules mean for your investment structures?

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 17th December 2019

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A Picture of Hazel Johnson - Tax Director

There is likely to be some pressure on IHT reliefs in the future, perhaps seeing some restrictions being brought in

What is the Report into simplifying Inheritance Tax (IHT) from the Office of Tax Simplification (OTS) and what should you do?

Hazel Johnson - Tax Director - hjohnson@goodmanjones.com

Updated on 17th December 2019

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Previously only residential property had been within the charge to NRCGT, but from 6 April 2019 onwards the sale of any UK land and property by a non-resident will be subject to capital gains tax.

UK Commercial Property owned by non-residents

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 17th December 2019

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Philip Hammond was only prepared to make a modest number of spending commitments in his Spring Statement

The 2019 Spring Statement – Summary

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 17th December 2019

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We wish for a long period of calm and stability with minimal tax changes so we can plan for the future with certainty.

Spring Statement: A wishlist of what could have been included

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 17th December 2019

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HMRC have the power to enquire into such Returns and accordingly an apparently successful claim may be challenged and fail once it has come under proper scrutiny. This might be an issue if you have already paid out on no win fee basis.

Stamp Duty Land Tax on purchase of more than one dwelling – Multiple Dwellings Relief Claims

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 17th December 2019

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You should still review your position as shareholder and your company Articles to see if they satisfy this new test, but this is a welcome relaxation of the original proposals.

Entrepreneurs’ Relief Revisions now finalised

Graeme Blair - Partner - gblair@goodmanjones.com

Updated on 17th December 2019

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Many of the announcements were minor changes to existing legislation or confirmation of matters which have already been subject to public consultations.

UK Budget Summary 2018

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 17th December 2019

Categories:

What happens if you withdraw valuable euros now? Back on 5 April 2012 the law said that you had to pay capital gains tax on the foreign exchange gains in bank accounts. Thankfully, the following day new rules came in which exempted gains (and losses) on bank accounts holding foreign currency.

It’s important to understand the new rules, and their implications for your portfolio strategies. And it’s vital that your ownership structures take account of the risks, while being as tax efficient as possible.

There is likely to be some pressure on IHT reliefs in the future, perhaps seeing some restrictions being brought in

SITR means that individuals can claim 30% of the cost of investing in a qualifying social enterprise

Previously only residential property had been within the charge to NRCGT, but from 6 April 2019 onwards the sale of any UK land and property by a non-resident will be subject to capital gains tax.

Philip Hammond was only prepared to make a modest number of spending commitments in his Spring Statement

We wish for a long period of calm and stability with minimal tax changes so we can plan for the future with certainty.

HMRC have the power to enquire into such Returns and accordingly an apparently successful claim may be challenged and fail once it has come under proper scrutiny. This might be an issue if you have already paid out on no win fee basis.

You should still review your position as shareholder and your company Articles to see if they satisfy this new test, but this is a welcome relaxation of the original proposals.

Many of the announcements were minor changes to existing legislation or confirmation of matters which have already been subject to public consultations.