Category - Industry news and insights
What are the CGT changes? Chancellor Rachel Reeves announced in the Autumn Budget on October 30 that the main rates of capital gains tax (CGT) would be increasing with immediate effect. The higher rate of CGT increased to 24% from 20%, and the lower rate rose to 18% from 10%. The rates of CGT that […]
Back in July, the newly elected Labour government outlined its planned reforms to the taxation of non-domiciled (non-dom) individuals, saying it would end the “preferential” tax treatment of foreign income and gains (FIG) based on the “outdated” concept of domicile. Labour confirmed it would abolish the regime in the Autumn Budget on October 30 and […]
Tax Talk is a regular series written by FSL’s Tax Reporting Analyst, 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 […]
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 […]
