The end of the current tax year will see the phasing out period finalised in respect of relief for mortgage interest on rental profits.
As the end of the current tax year approaches now is a good time to review your tax and financial position. Making use of available allowances and exemptions could potentially avoid unnecessary tax payments. There are a number of options to mitigate your exposure to tax and some of these may be applicable to your individual circumstances.
On 30 January 2020, the All-Party Parliamentary Group (APPG) for Inheritance & Intergenerational Fairness published a report proposing a radical change to the current inheritance tax (IHT) regime. The report – named Reform on Inheritance Tax – suggests replacing the IHT system with a flat-rate gift tax payable on both lifetime and death transfers.
Significant changes and modifications to tax relief come into force from 6 April 2020, which will impact those who hold property as an investment. With just over a week until the UK Budget on Wednesday 11th March, and just over a month until the end of the 2019/20 tax year, it is important for property investors to review their affairs and explore possible tax planning opportunities ahead of this date.
New intestacy rules for England & Wales have recently been announced, which raise the “statutory legacy” sum to £270,000. The laws of succession have a profound effect on what your loved ones will inherit when you die intestate (i.e. without leaving a valid Will) and it’s important to know that dying without a Will north of the border differs from the rest of the UK. In this article, we will look over the new changes to the intestacy legislation, what happens when you die intestate and automatic entitlement for families.