If a trust might generate taxable income or gains, HMRC required the trustees to register it with them. They did this using paper Form 41G (Trust). This was not the case where the trust would not generate any taxable income or gains. An example of this is where a trust holds an investment bond. What
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The Budget announced corporation tax rates will increase from 1 April 2023. The current understanding of the change, as set out in HMRC’s policy paper, is that: The existing 19% rate will continue to apply to companies with profits of up to £50,000, subject to associated companies’ rules (This will not apply to close investment-holding
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In the March 2021 Spring Budget, the Chancellor confirmed that the Lifetime Allowance (LTA) will be frozen at £1,073,100 until April 2026. The LTA was planned to increase by CPI each year as it has done since 2018/2019. The annual increases now won’t take place until at least April 2026. The change has little immediate
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The budget has come and gone with no major changes to taxation. However, there have been some minor changes or clarifications which can have a long-term impact. Below we have listed some considerations there may be before the end of the tax year. To be clear none of this represents advice and you should get
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This is one of the more important budgets of recent times. So, what was announced? Income tax rates, thresholds, and thresholds For 2021/22 Personal Allowance increasing to £12,570, basic rate band to £37,700 meaning a higher rate threshold of £50,270 – but then these figures will be frozen until April 2026. No changes to dividend
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