Personal Tax

Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules.
Dividend income
When dividends are received by an individual the amount received is …

The Seed Enterprise Investment Scheme (SEIS) provides tax relief for individuals prepared to invest in new and growing companies. It is the junior version of the Enterprise Investment Scheme (EIS). …

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.
Payment of tax
The UK …

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.
The self assessment cycle
Tax …

Inheritance tax (IHT) was introduced approximately 30 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death.
With IHT came the concept of ‘potentially …

The concept of residence in the United Kingdom is fundamental to the determination of UK tax liability for any individual. The Statutory Residence Test (SRT) provides, through a series of …

The High Income Child Benefit charge applies to a taxpayer who has income over £50,000 in a tax year where either they or their partner, if they have one, are …

Who pays the tax?
SDLT is payable by the purchaser in a land transaction occurring in England, Wales and Northern Ireland.
What is a land transaction?
A transaction will trigger …

The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships.
The rules do not stop …

Venture Capital Trusts (VCTs) are complementary to the Enterprise Investment Scheme (EIS), in that both are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies affected …

Successive governments, concerned at the relatively low level of savings in the UK economy have over the years introduced various means by which individuals can save through a tax-free environment.
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The purpose of the Enterprise Investment Scheme (EIS) is to help certain types of small higher-risk unquoted trading companies to raise capital. It does so by providing income tax and …

Individuals are subject to a system of independent taxation so husbands and wives are taxed separately. This can give rise to valuable tax planning opportunities. Furthermore, the tax position of …

Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime.
Gifts between UK-domiciled spouses during their lifetime or on death …

This factsheet sets out the rules which deal with the taxation in the UK of income arising outside the UK, for non UK domiciled individuals.
The issue
An individual who …

The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. …

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.
The self assessment cycle
Tax …

Enterprise Management Incentives (EMI)
Retaining and motivating staff are key issues for many employers. Research in the UK and USA has shown a clear link between employee share ownership and …

Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP) Statutory Paternity Pay (SPP) and Shared Parental Pay (ShPP) are important regulations to understand as they enforce minimum legal requirements on employers. …

National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the …