Category - Industry news and insights
Nudge letters HMRC sent a number of ‘nudge letters’ to those it suspects are failing to pay the correct tax on their crypto gains across August and September. The letter warned recipients that if an assessment concludes that there is additional capital gains or income tax to pay on previously undisclosed crypto gains, there may […]
During the run up to the 2024 General Election, Rachel Reeves said Labour had “no plans” to raise capital gains tax (CGT). However, the now chancellor has said that the government will “have to increase taxes” in the upcoming Autumn Budget due to a £22 billion “black hole” in the country’s finances. With Labour having […]
Tax Talk is a regular series written by FSL’s tax expert, Alex Ranahan. Alex has nearly ten years’ experience as a tax adviser and analyst. He is accredited by The Association of Taxation Technicians and was recently elected co-chair of the Tax Committee for The Investing and Saving Alliance. Alex’s Tax Talks are on general […]
What is excess reportable income? Excess reportable income is the profit earned by an offshore fund that isn’t distributed to investors, whether as dividends or interest. Offshore funds can either be ‘reporting’ or ‘non-reporting’. When an investor sells a position in a non-reporting fund, HMRC will assume all income has not been taxed within the […]
The government outlined its planned reforms to the taxation of non-domiciled (non-dom) individuals last week, saying it would end the “preferential” tax treatment of foreign income and gains (FIG) based on the “outdated” concept of domicile. A new, residence-based regime will take effect from April 6, 2025. This will replace the current remittance basis of […]
The facts and figures 369,000 people paid £14.4 billion in capital gains tax (CGT) in 2022-23, according to the latest figures from HMRC. This represented an 8% decrease in the number of taxpayers and a 15% decrease in the total liability against the previous tax year. HMRC noted that most of the CGT came from […]
In a paper released last week (July 17), the UK Financial Conduct Authority (FCA) announced the final rules for its new Overseas Funds Regime (OFR). The regime aims to create a more streamlined process for funds in the European Economic Area (EEA) to be sold to UK retail investors. It will be available to […]
74% of financial advisers say clients have asked them about the impact a potential change in government could have on their finances. With the UK general election just around the corner, we combed through the manifestoes of all the major parties to find out what key things they have planned for tax. CONSERVATIVES National […]