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.
Giving a gift is a common occurrence that most of us carry out several times a year, such as giving birthday and Christmas presents to friends or family members. In the vast majority of cases these gifts will be given without any thought to possibility legalities and will be received with gratitude. However, there are some situations where the giving of a gift, particularly a large sum of money, can result in a dispute between the donor and receiver.
HMRC recently reported that 10.7 million customers submitted their self-assessment tax returns before the 31st January deadline. Around 9.9 million were apparently submitted through the department’s online service, which amounts to over 92.5% of total returns.
We reported last month that the Scottish Government utilised its devolved powers in its most recent budget to make further changes to income tax rates in Scotland, and as a result there are now significant differences between the rates of income tax paid in Scotland and the rest of the UK.
The Finance Secretary, Derek Mackay, delivered his 2018/19 Budget for Scotland today announcing the Scottish Government’s decisions on income tax
Today, the Chancellor, Philip Hammond delivered his Autumn 2017 Budget. There was little change to personal taxation with no increase in income tax or national insurance keeping in line with The Conservative 2015 election manifesto. The personal allowance is currently £11,500, whereby the first £11,500 of an individual’s income is received tax free – it was announced today that the personal allowance for income tax will rise to £11,850 from April 2018 for all UK taxpayers.
