Income tax

Income tax guidance:

It is natural that spouses may want to make gifts to each other since it is fairly typical for couples to share their property. The term ‘spouses’ is used in this...

Practice Note

The cap on unlimited income tax reliefs applies from 6 April 2013. It prohibits relief for certain types of losses, which could otherwise be set off against general...

Practice Note

These tables set out: • the charges to income tax in each of the seven categories of income tax • the person who is liable to pay that charge, and • the legislative...

Practice Note

Whether a property transaction is an investment or trading (ie dealing) activity is of key importance to each of the parties to the transaction since it will dictate how...

Practice Note

For income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private Client. Personal...

Practice Note

Overview of the UK taxation treatment of furnished holiday lettings (FHLs) in the UK and the European Economic Area (EEA) This note covers the UK tax regime that applies...

Practice Note

This Practice Note explains the rules that apply to distributions made to UK resident and domiciled individuals on or after 6 April 2016. The way in which individuals are...

Practice Note

The pre-owned asset tax (POAT) is an inheritance tax (IHT) anti-avoidance measure, introduced by Schedule 15 to the Finance Act 2004 (FA 2004), and implemented with the...

Practice Note

This Practice Note was originally written by Paul Seal and is now maintained by LexisNexis®. This Practice Note aims to give a general introduction to the way in which...

Practice Note

This Practice Note sets out the key UK tax rates, thresholds and allowances most relevant to Private Client practitioners. It is intended as a quick reference guide...

Practice Note

STOP PRESS: Following consultation, amendments have been made to the UK rules taxing offshore receipts in respect of intangible property (ORIP) by The Income Tax (Trading...

Practice Note

Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support the employed. For more detail on this support for...

Practice Note

The charge to UK income tax applies to the profits of both a UK and overseas property business. A property business is one which generates income from land and includes...

Practice Note

Reliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer may deduct reliefs from total income resulting...

Practice Note

The types of income chargeable to tax as 'savings and investment income' include: • interest, being income chargeable under ITTOIA 2005, ss 369–381 • purchased life...

Practice Note

Why are deadlines important? In order to comply with the legislation and avoid penalties and interest arising due to late payment of tax, it is important for taxpayers...

Practice Note

The rules relating to settlor interested trusts are anti-avoidance rules, aimed at ensuring that a settlor cannot avoid tax on assets of which they are not fully...

Practice Note

The calculation of income tax liabilities is usually done by a person's tax adviser or by HMRC following submission of a tax return, rather than by a tax lawyer (and are...

Practice Note

The main types of income are: • employment income • pension income • social security income • trading income • property income • savings and investment income and •...

Practice Note

This Practice Note was produced in partnership with Tolley Guidance and is now maintained by Lexis®PSL. For income tax rates and allowances applicable in the current tax...

Practice Note

A dividend is a type of distribution made by a company to its members. The ordinary meaning of 'dividend' is a share of profits, whether at a fixed rate or otherwise,...

Practice Note

Income tax is charged on any person on certain categories of income, allocated between tax years in order to determine the rate payable. The legislative basis for income...

Practice Note
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