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Labour’s plans to pull capital gains tax rates in line with income tax could see some landlords pay a 50 per cent tax rate when they sell up. A hike in capital gains tax rates on property from the current maximum of 28 per cent to income tax rates of up to 50 per cent … Read more
The number of vehicles being used on UK roads without tax has fallen but still remains at record high levels since the paper disc was scrapped five years ago. Around 1.6 per cent of motors on Britain’s roads in 2019 are evading Vehicle and Excise Duty (VED), which represents an estimated 634,000 cars, according to … Read more
Pension savers are being overtaxed at record levels when they dip into their retirement pots. More than 200,000 over-55s have clawed back nearly £500 million since pension freedoms were introduced in 2015. But the taxman is pocketing on average £2,355 too much when retirees make their first withdrawal. This is because HM Revenue & Customs … Read more
The capital gains tax rule change that could cost accidental landlords thousands when they sell up Private residence relief to be cut from 18 months to nine months from next year The changes could affect over half a million landlords when they come to sell Government is also scaling back lettings relief By Will Kirkman … Read more
The confusing array of inheritance tax rules on giveaways to loved ones should be swept away and replaced with a single ‘personal gift allowance’, say Government officials. The ‘seven-year’ rule for large gifts, which means that if you survive the money gradually becomes free of inheritance tax, should be axed in favour of a set … Read more
Judged by the standards of most tycoons, insurance entrepreneur Sir Peter Wood, founder of Direct Line, Esure and Go Compare, is a laid-back figure. A fit septuagenarian, he likes nothing better than to spend time on the tennis court or playing golf, and loves personally to direct promotional campaigns as he constantly invents and backs … Read more
Santander has become the latest bank to be dragged into a multimillion-pound lawsuit over alleged tax avoidance schemes used by wealthy celebrities. The Spanish bank is to be sued over the Imagine film-financing scheme that was part-funded by Alliance & Leicester, which it acquired at the height of the financial crisis. It is claimed investors … Read more