Category: News

What is Business Property Relief?

Business Property Relief (BPR) is an Inheritance Tax (IHT) exemption applied to the assets of a private trading business when they pass from one generation to the next. Most shares in private trading companies, or interests in unincorporated businesses such as a sole proprietor, or partner, will receive 100% business relief from IHT after 2

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PFS Awards: Investment Advice Specialist of the Year

The Personal Finance Society, the largest professional body for individual financial advisers in the UK, held its annual awards ceremony last night. They recognise and celebrate outstanding individuals and firms who strive to deliver exceptional consumer outcomes within the financial planning profession. During these awards, I (Nicholas Grogan) am proud to have been named Investment

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What is the new Health and Social Care Levy?

To begin with, it is worth a quick reminder of the current social care position in England: (Wales, N. Ireland and, in particular Scotland, have their own variations on the theme): There is a £23,250 capital means test ceiling, above which all care costs must be met by the individual: the self-funding route. For those with wealth between

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What was announced in the 2021 Budget?

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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Can I get tax relief for working from home?

Employers can pay employees up to a maximum of £6 per week tax-free, to cover additional costs they may have incurred because of working from home. Where employers have not paid their employees the home expenses payment, individuals can claim this tax relief through a new online portal. More than 54,800 claims have been made

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Is pensions tax relief safe for now?

The Government has rejected the Public Accounts Committee (PAC)’s proposal that HMRC should evaluate pensions tax relief. The concern was HRMC did not understand the impact of some of the UK’s largest tax reliefs which includes pension tax relief. The committee called for a formal review, but the Government disagreed. They pointed to several recent consultations

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Am I better off managing my portfolio myself?

DIY investors now have unprecedented access to investment information and markets. This has levelled the informational playing field between them and professional investors. Even though you may have the tools to do manage your own portfolio, should you go down the DIY route? What you need to be a successful investor Time and interest You

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Can investing into a VCT help me?

Venture Capital Trusts (VCTs) have always been viewed as highly useful when looking at someone’s tax planning. Over time VCTs have become more mainstream and for certain clients are just another way to invest tax efficiently. VCTs are publicly-listed companies which invest money in small UK businesses who are not quoted on the main stock

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Could we have a wealth tax in the UK?

It is no secret the Government debt has reached epic levels. With interest rates being as low as they are, it is accepted that servicing the debt may not be as challenging as the size of the debt would (superficially at least) indicate. Low to negative yield Government Bonds (Gilts) are being bought by the

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