Series - Taxation
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 […]
A recent survey of over 2,000 UK investors revealed that the recent changes to capital gains tax (CGT) has caused people to reassess their investment portfolios. The research, undertaken by Censuswide on behalf of The Royal Mint, found that over half of investors said the new rule changes would prompt them to create a fresh […]
With the beginning of a new tax year just around the corner, now is a good time to brush up on the forthcoming changes to UK tax rules. Capital gains tax The CGT annual exemption amount will halve on April 6 to £3,000 for 2024/25 from £6,000. HMRC estimates that by reducing the […]
In what is likely to be the last fiscal event before a general election, the Chancellor delivered a budget that may be seen as more of a political statement than an economic one. As readers will no doubt know, the Chancellor confirmed a further 2 pence cut to the main employee rate of National […]
In partnership with the lang cat, we are excited to present our latest white paper, “Excess Reportable Income: Borrowed Time.” At FSL, we’re committed to solving the challenges facing our customers and their clients. And Excess Reportable Income (ERI) is a topic that keeps coming up. We already know there are significant difficulties around obtaining, […]
Whilst the headlines have been dominated by the cut to National Insurance, the partial sale of the government’s stake in NatWest, and the increases to Universal Credit and the full state pension, we were looking more closely at the announcements that affect taxes on investments: At a glance Abolition of the pensions Lifetime Allowance from […]
For all the innovation that goes on in our sector, the exchange of data between parties is often at odds with the standards we’d all expect.
When navigating tax laws and gathering the right information to ensure compliance, investments in offshore funds may present a challenge for family offices. With offshore investment funds growing in popularity, the first thing to know is that holders are liable to tax on income and gains even when it is not obvious that any income […]
We noted on our website in early April that in an update to agents HMRC had quietly buried an announcement that the tax return for 2022-23 would contain new boxes for reporting gains on disposals of Excluded Indexed Securities. FSL promised to respond to this new regulatory requirement and provide our clients with new functionality […]
