Category - Industry news and insights
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last week, saying it would end the “preferential” tax treatment of foreign income and gains (FIG) based on the “outdated” concept of domicile.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 […]
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 […]
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 […]
Beginnings of the tax Capital gains tax was first introduced by Labour Chancellor James Callaghan in 1965. It aimed to prevent taxpayers avoiding income tax by trying to ‘convert’ their income into capital. Under Callaghan’s regime, short-term gains made on assets held for less than 12 months were subject to income tax. All other […]
More and more people are dabbling in cryptoassets, but few realise they may have tax to declare. In a recent survey, HMRC found that one in ten UK adults own or have owned a cryptoasset. The majority of the owners (63%) also reported making a profit within the past year when disposing of their cryptoassets. […]
Amid the challenges of tax reporting season, one thing you should never forget is the importance of reviewing all the internal processes you have in place. Processes are critical. They help make sure you maintain consistency, avoid silly mistakes and create the best tax packs possible for your clients. Below is a step-by-step guide on […]
