Category Archives: HMRC

Carrington Blake Accountancy Monthly Newswire – Tax E-News

CHRISTMAS IS THE TIME FOR GIVING; Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications. THE IHT ANNUAL EXEMPTION - USE IT OR LOSE IT! Although not particularly generous at £3,000 per donor per annum if this annual IHT exemption is not used by 5 April it is lost, although it is possible to carry the allowance forward one year if unused. This means that if the annual allowance for 2017/18 was not used an individual may make gifts of up to £6,000 in 2018/19. Where the gifts to individuals exceed the annual exemption there may still be no inheritance tax to pay if they survive for 7 years following the gift or...

Budget 2018

Budget - The Chancellor’s Autumn announcements were made on the 29th October...here's a summary of what transgressed. MORE MONEY FOR NHS AND AN END TO AUSTERITY? As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and borrowing have to increase? We now know that the extra money will come from better than expected economic growth and consequential increased tax revenues. But there may have to be a Spring 2019 Budget if Brexit negotiations don’t go to plan…. PERSONAL ALLOWANCE AND HIGHER RATE LIMIT INCREASED EARLY The Government’s manifesto pledge back in 2015 was that the personal allowance would rise to £12,500 in 2020 and the higher rate...
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