Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
In the lead up to the 2020 Budget it had been rumoured that changes to the current Pension Tapering Allowance rules would be announced. However, it was unknown whether this would be a change increasing the tapering thresholds or reducing the thresholds. In a move that Rishi Sunak advised would positively impact hundreds of thousands of higher earners, in particular senior medical professionals, the respective thresholds were increased by £90,000 from 6 April 2020.
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.
As the impact of the COVID-19 pandemic reaches into almost every aspect of our lives, the demand on many charity services are seeing an unprecedented rise and funding has never been more important. You may be considering how you can help a cause which is important to you, at this time, and this blog considers how you can donate in ways that are tax efficient to you, and which can benefit your chosen charity also.
