UHY Hacker Young - Taxflash: Capital Gains Tax and Inheritance Tax

Filename: CGT and IHT taxflash.pdf

File Size: 173 KB

Capital Gains Tax

The Chancellor’s proposals regarding Capital Gains Tax (CGT) in the Pre-Budget Report, announced on 9 October 2007, were heralded as a simplification, abolishing both taper relief and indexation relief in favour of a single rate of tax for individuals.

Inheritance Tax

The Chancellor has announced an extension to the nil-rate band from 9 October 2007, allowing an additional proportion of the nil rate band to use on the death of the second spouse, regardless of when the first spouse died.

Published on 9 October 2007

Other publications in this series

Taxflash: Mileage rates - March 2012

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
download...

Taxflash: Mileage rates - December 2011

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
download...

Taxflash: Mileage rates - September 2011

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
download...

Company car users - changes to tax free fuel rates June 2011

HMRC regularly publish approved “fuel only” rates which have, again, changed. If you use the approved rates, you have certainty that you are claiming no more than the true cost of fuel used on business journeys and so will not be taxed on a “fuel benefit”.
download...

Taxflash: Amended tax free fuel rates for March 2011

Following the increased tax free fuel rates with effect from 1 March 2011, this guide provides full details of the rates to help you avoid any additional tax charge.
download...

Taxflash: Latest HMRC tax amnesty - it's not just for plumbers

HM Revenue & Customs (HMRC) have this month announced a ‘tax amnesty’ for plumbers and those in associated trades and there are various inducements for those who come clean regarding undeclared income.
download...

Taxflash: Amended tax free fuel rates

This guide provides full details of the recent increased tax free fuel rates to help you avoid any additional tax charge.
download...

Taxflash: Car mileage rates

HMRC regularly publish approved ‘fuel only’ rates for company car users and the last updates, published in July 2010, have once again been updated with effect from 1 December 2010, this time with an increased risk for drivers of being caught by the fuel scale benefit.
download...

Liechtenstein Disclosure Facility - too good to refuse

If you have undeclared UK tax liabilities you have two choices: to wait until your turn comes (and it will come) or to get in first with a disclosure of relevant income and gains. If you are going to disclose, it clearly makes sense to take advantage of the very generous terms of the Liechtenstein Disclosure Facility.
download...

Taxflash: Pension contributions and the higher-rate taxpayer

Not only will those with taxable income in excess of £150,000 be subject to new higher rates of Income Tax, those with income close to or above this threshold will also find that the tax reliefs that they have previously enjoyed in respect of contributions to their pension plans will be dramatically restricted.
download...

Taxflash: The Liechtenstein Disclosure Facility

This document provides a guide to the Liechtenstein Disclosure Facility (LDF) and explains how we can help with the preparation of your disclosure.
download...

Taxflash: 50% Tax Bombshell

The 50% tax rate for earners over £150,000 and the restriction of personal allowances for earners over £100,000 took effect from April 2010, and next year, National Insurance rates are due to increase by 1% across the board. The marginal tax rate for employment and self-employment earnings between £100,000 and around £113,000 will then be an eye-watering 62%.
download...