On Monday 19 February 2024, following discussions between the government, farmers, and the motoring industry on the potential impacts of the change in tax treatment, HMRC announced that the changes have been scrapped.
High earning taxpayers are probably aware of the loss of the personal allowance which occurs when adjusted income exceeds £100,000, whereby the allowance of £12,570 is lost at the rate of £1 for every £2 by which income exceeds £100,000, resulting in the entire loss of the allowance at an income of £125,140.
There has been a lot of murmuring in the press and Parliament this year about the Conservative Party giving serious consideration to the abolition of Inheritance Tax so Louise looks at the future of IHT in this blog.
If you are a higher rate taxpayer, you can reduce your tax bills by electing for any gift aid donations that you will be making in the current year (2023/24) to be treated as being made last year for tax purposes.
Typically, when an individual is in employment, they will make regular pension contributions to an occupational pension scheme. This is usually dealt with entirely through the payroll of the employer.
The way in which HM Revenue & Customs taxes sole traders and partnerships is changing and you may have seen these changes referred to as ‘basis period changes’.
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