Archives by: Rachel Alabaster

Changes for Non-Resident Investors in UK Land

Since April 2015, certain non-resident persons (including individuals, trustees and closely-held companies) have been generally chargeable to non-resident capital gains tax (“NRCGT”) on gains arising on the disposal of UK residential property interests Following the 2017 Autumn Budget, the government has now published draft legislation to tax all gains arising in respect of disposals of interests in UK land and buildings, regardless of the nature of the property or the residence of the disposing entity, with effect from April 2019. The rules will ... Read More

Autumn Statement 2015

The Chancellor of the Exchequer, George Osborne, delivered his first Autumn statement as the Chancellor of a Conservative government today. The message seemed positive in terms of growth. He announced that no economy in the G7 has grown faster than the UK in any year since 2010 and confirmed that growth for 2015 and 2018 would be in line with the predictions set out in the Summer Budget and that growth in 2016 and 2017 is likely to be slightly ahead of ... Read More

Let property campaign

HMRC continue to invest in measures to prevent tax avoidance and evasion and are running campaigns to encourage individuals to disclose their income to HMRC. The let property campaign was launched in September 2013 and this continues to remain open. The campaign provides the opportunity for individual landlords letting out residential property in the UK or abroad, to bring their tax affairs up to date. HMRC continue to push this campaign as they say it has resulted in more than £50m of ... Read More

Pension Contributions – there’s still time!

The amount of an individual’s pension contributions which will qualify for higher-rate tax relief is essentially restricted by: An individual’s relevant earnings in the tax year; and The annual allowance The annual allowance is the amount by which savings in a registered pension scheme are allowed to increase in each tax year.  In a defined contributions scenario, this equates to the amount which is contributed in the tax year. The annual allowance is currently £40,000, with scope to bring forward ‘unused relief’ from the previous ... Read More

EIS Relief – No income, no exemption

The FTT dismissed the tax payer’s appeal against HMRC’s decision not to allow a capital gains tax exemption claimed in respect of his enterprise investment scheme (‘EIS’) shares. The background to the case was in January 2005, Mr Ames invested £50,000 in qualifying EIS shares. Mr Ames did not have any taxable income in the 2004-05 tax year and as such did therefore not claim EIS income tax relief. In June 2011 Mr Ames sold the shares, making a gain of £272,540. ... Read More

Out of time rebate claims – Higgs v HMRC

A taxpayer wins case to claim a repayment exceeding the 4 year limit Mr Higgs made payments on account for the tax year 2006/07 in accordance with the previous year’s liability. Mr Higgs forgot to sign and return his form to his accountant and therefore his 2006/07 Tax Return was not filed until 2 November 2011. When the 2006/07 Return was prepared his actual liability was significantly less than the payments on account, resulting in an overpayment of circa £27,000.  ... Read More