Is it worthwhile making additional pension contributions before 6 April 2022?

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It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered pension scheme attract tax relief as long as the contributions are covered by the available annual allowance and are not more than 100% of earnings (or £3,600 if higher). Tax-relieved …

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SDLT savings for mixed use property

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Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for second and subsequent properties applies. Mixed land and property Mixed-use land and property is land and property that comprises both residential and non-residential elements. Non- residential property includes: • commercial …

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Can you benefit from the £1,000 property allowance?

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If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in various ways. Tax exemption If your income from property is less than £1,000, the property allowance allows you to receive that income free from tax. Where the income is covered …

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Capital gains tax annual exempt amount – use it or lose it

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The tax system contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt amount that applies for capital gains tax purposes. For 2021/22, it is set at £12,300. It will remain at this level for 2022/23. Nature of the annual exempt amount The …

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Tax issues on transferring shares to family – succession

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Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved. When the time comes for the owner to retire or reduce their involvement there are two options – sell or pass to the next generation. If the latter, then there are ways to …

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High value residential property let by a company – does the ATED apply?

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The Annual Tax on Enveloped Dwellings (ATED) is a tax on high-value residential properties that are held within ‘an envelope’, such as company or a partnership with at least one corporate partner. The charge does not apply to properties held by individuals. The charge may potentially apply where a property in the UK which is …

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