Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer to enjoy some or all of their savings income tax-free. Personal allowance The personal allowance for both 2021/22 and 2022/23 is set at £12,570. Any savings income that is sheltered …
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule allows them to transfer assets between them at a value that gives rise to neither a loss nor a gain. This can be very useful from a tax planning perspective. …
Special capital gains tax rule for transfers of assets between spouses Read More »
Rent-a-room relief aims to encourage those with spare rooms in their homes to let them out to increase the supply of furnished rental accommodation. Under the scheme, a person can earn up to £7,500 each tax year tax-free from letting out furnished accommodation in their own home. The limit is halved where the income is …
Back in 2015 the then Chancellor of the Exchequer (George Osborne) announced proposals to restrict the tax relief that buy to let landlords are entitled to claim on their mortgage interest.
Don’t Panic Mr. Mainwaring, are you nuts or what? – Stop letting Rishi Sunak’s tax tail wag the planning dog! By Tony Gimple – 11th September 2020 In a recent post on a well-known social media site catering for the needs of private landlords, one contributor was considering selling a number of their rental properties …
