14 November 2014 by

All change?

Tax laws are volatile.  Not a year goes by without a new tax being introduced, an old tax being scrapped or an existing tax being tinkered with in response to social, economic and political pressures.   The last few years have been no exception; if anything, the rate of change has increased as public opinion turns against tax dodgers.

As a result we’ve seen laws introduced restricting various exemptions and allowances, such as allowable debts for IHT and principal private residence relief for CGT.  We’ve seen the General Anti-Abuse Rule aimed at catching aggressive tax avoiders who utilise loopholes to reduce their tax bills.  There are increased tax rates for companies that buy residential property.

It’s nice then to have some positive news for a change.  George Osborne has been in the papers trumpeting his removal of punitive tax charges on pension pots which remain uncrystallised at death and David Cameron has this month called for an increase in the Inheritance Tax allowance, although without specifying what it should rise to. Given that it has been frozen at £325,000 since 2009 this may come as a relief for most homeowners in the South-East anxious to pass their family home to their loved ones tax free.  We have however heard these noises before (coincidentally before the last election), so only time will tell if any lasting change comes.

Nevertheless there have recently been, or there are in the pipeline, a number of changes to IHT which will affect anyone with pensions, life insurance, death in service benefits and estates worth more than £325,000 (or £650,000 for a married couple), so if any of these apply to you it may be time to review your IHT position and make any necessary adjustments to ensure you’re passing on as much as possible to your intended beneficiaries.

To arrange a review of your tax affairs contact Iain Aitken 020 7288 4713  iainaitken@boltburdon.co.uk.

7 November 2014 by

Challenging the decision makers

Judicial review is a procedure whereby the court examines decisions made by public bodies. The growing public procurement market and […]

11 November 2014 by

Will your employee “mix and match?”

The Shared Parental Leave Regulations ‘The times they are a-changing’ We have already seen the extension to all employees of […]

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