Murray Beith Murray is a leading Scottish private client law firm.
For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
There has been much speculation around the possibility of abolishing Entrepreneurs’ Relief. However, the Government has decided to retain the relief with the purpose of encouraging genuine entrepreneurial risk-taking. One change that the Government did make is that from 2020/2021, Entrepreneurs’ Relief has been renamed as Business Asset Disposal Relief.
Charitable giving is at the forefront of many people’s thoughts during these unprecedented times. Whether you wish to donate £10 or £10,000 to a charity all donations will be gratefully received; but you may not be aware the value of your gift could be worth even more to your chosen cause, with advantages to you as a UK taxpayer, using UK Government charitable tax reliefs.
New rules which came in to force from 6 April 2020, accelerate the payment deadline for Capital Gains Tax on UK residential property disposals to 30 days of the sale. This is a tight timescale and very different from the payment deadlines under the ‘old’ rules. However, on 9 April, HMRC confirmed it will not charge late filing penalties for reports of Capital Gains Tax on disposals of UK residential property by UK residents made by 31 July 2020.
The UK’s tax regime is anything but straightforward with a constantly shifting set of rules, further complicated by the recent COVID-19 pandemic’s impact on legislation and the practicalities of communicating and transacting with HMRC at this time. It has never been more important to seek specialist tax advice to manage potential risks and utilise the best options available to you.
Last night, Chancellor Rishi Sunak announced further measures to support self-employed taxpayers whose trading profits are less than £50,000 and whose main source of income (at least 50%) is derived from self-employment. The scheme will be known as the Coronavirus Self-employment Income Support Scheme, and is open to those who were trading in the last financial year, still trading now, and planning to continue doing so this year.
