Individuals and income tax

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Practice notes
FORTHCOMING CHANGE relating to SDLT for non-residents buying residential property: As announced at Budget 2018, confirmed at Spring Budget 2020 and...
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23rd Oct
Practice notes
Once is has been determined that there is a notifiable transaction for SDLT purposes, it should be considered whether any reliefs or exemptions are...
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21st Oct
Practice notes
The sale of a 'business' is really a sale of assets bundled together. VAT would therefore be charged on the transfer of each asset in accordance with...
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Produced in partnership with Cathya Djanogly 8th Oct
Practice notes
Provisions in the Finance (No 2) Act 2017 (F(No 2)A 2017) made considerable reforms to the rules governing what companies can do with carried-forward...
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26th Sep
Practice notes
FORTHCOMING CHANGE: HMRC is consulting on changes to the hybrid mismatch rules to ensure that they work proportionately and as intended. Amendments...
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26th Sep
Practice notes
This Practice Note considers the steps to take in relation to SDLT once it is established there is a chargeable transaction. For details about the...
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26th Sep
Practice notes
Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 26th Sep
Practice notes
FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: The government is asking for views on the principles and design...
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26th Sep
Practice notes
This Practice Note is about the issues that arise on a transfer of a going concern involving land and buildings.A transfer of a going concern (TOGC)...
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26th Sep
Practice notes
The substantial shareholdings exemption (SSE) is an exemption from corporation tax on chargeable gains for certain share disposals by companies. The...
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26th Sep
Practice notes
BackgroundOn 6 July 2018, the government published draft legislation to be included in Finance Bill 2019 (formally the Finance (No 3) Bill 2017–19,...
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26th Sep
Practice notes
Stamp duty land tax (SDLT) is charged on chargeable land transactions. Consequently, the concept of a land transaction and what this encompasses is...
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25th Sep
Practice notes
FORTHCOMING CHANGE: Finance Bill 2020–2021 will contain two technical amendments to the CIR rules to ensure the regime works as intended. The first is...
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25th Sep
Practice notes
If an exemption from stamp duty applies, a document (ie an instrument of transfer) which would otherwise be subject to UK stamp duty is exempt from...
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25th Sep
Practice notes
Unless an exemption or relief applies, payments of:•yearly interest (or amounts that are treated by tax legislation as payments of yearly interest),...
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25th Sep
Practice notes
The amount of stamp duty land tax (SDLT) payable on a chargeable transaction is determined by reference to the 'chargeable consideration' for the...
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25th Sep

Most recent Individuals and income tax content

Practice notes
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...
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25th Sep
Practice notes
The types of income chargeable to tax as 'savings and investment income' include:•interest, being income chargeable under ITTOIA 2005, ss...
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25th Sep
Practice notes
This Practice Note considers the charging provisions on individuals under section 731 of the Income Tax Act 2007 (ITA 2007), also known as ‘the...
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25th Sep
Practice notes
Before the 2008–09 tax year all UK resident but non-UK domiciled individuals (non-doms) could access the remittance basis of taxation without paying a...
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25th Sep
Practice notes
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...
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25th Sep
Practice notes
The main types of income are:•employment income•pension income•social security income•trading income•property income•savings and investment income...
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25th Sep
Practice notes
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...
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25th Sep
Practice notes
For income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private...
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25th Sep
Practice notes
Reliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer may deduct reliefs from...
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25th Sep
Practice notes
This Practice Note considers the charging provision under section 727 of the Income Tax Act (ITA 2007) applicable to transferors of assets abroad who...
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25th Sep
Practice notes
From April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual members of a partnership, and UK-resident...
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25th Sep
Practice notes
Once a company has established that it has a trade (for which see Practice Note: What is a trade for tax purposes?), it is required to calculate the...
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25th Sep
Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained.The way in which individuals are taxed on distributions was substantially changed...
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26th Sep
Practice notes
Income tax is charged on any person on certain categories of income, allocated between tax years in order to determine the rate payable.The...
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26th Sep
Practice notes
The charge to UK income tax applies to the profits of both a UK and overseas property business. A property business is one that generates income from...
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26th Sep
Practice notes
Unfortunately for the practitioner—and indeed the taxpayer—many funds or assets remitted or deemed to be remitted to the UK are not derived from...
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26th Sep
Practice notes
To determine whether a remittance has occurred for the purposes of the remittance basis of taxation, reference must be made to the Conditions set out...
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26th Sep
Practice notes
Individuals who are resident and domiciled, or deemed domiciled, in the UK are liable to pay UK income tax on their worldwide income and UK capital...
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26th Sep
Practice notes
A remittance of an individual’s income or chargeable gains will occur if Conditions A and B are met (or if one of Conditions C and D are...
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26th Sep
Practice notes
To determine whether a remittance has occurred for the purposes of the remittance basis of taxation, reference must be made to the Conditions set out...
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26th Sep

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