Category - Industry news and insights
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 […]
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 […]
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 […]
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 The Association of Taxation Technicians and was recently elected co-chair of the Tax Committee for The Investing and Saving Alliance. The biggest story in the world […]
In what is likely to be the last fiscal event before a general election, the Chancellor delivered a Spring 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 […]
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 […]
