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Personal tax

Expert commentary and practical guidance from ICAEW related to personal taxation, covering areas including: capital gains tax, income tax, inheritance tax, pensions, residence and domicile, savings and investments and trusts.

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Guidance

MTD for individuals

MTD for individuals is centred around the Personal Tax Account (PTA) which already has many of the services needed by PAYE taxpayers. HMRC continues to improve and develop the PTA.
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Taxline

Practical points: personal tax January 2024

Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and residence and domicile.
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Capital gains tax

ICAEW comments on Finance Bill 2024-25
  • Article
  • 16 Dec 2024
ICAEW’s Tax Faculty monitors the progress of Finance Bill 2024-25 and sets out its concerns regarding some aspects of the legislation, including the impact of the mid-year changes to rates of capital gains tax (CGT) on tax returns.
Exclusive An introduction to employee ownership trusts
  • Article
  • 05 Dec 2024
The sale of a company to an employee ownership trust (EOT) is becoming more popular. In the first of two articles on EOTs, Nick Wright explains why this may be the case and how an EOT could be used.
Exclusive The tax benefits of employee ownership trusts
  • Article
  • 05 Dec 2024
In the second of two articles on employee ownership trusts (EOTs), Nick Wright explores the capital gains tax exemption for the shareholders of the trading company and the income tax exemption for employees receiving bonuses.
HMRC provides further guidance on FHL abolition
  • Article
  • 12 Nov 2024
HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
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Income tax

New requirements for EU-GB imports from 31 January
  • Article
  • 17 Jan 2025
ICAEW is reminding businesses that, from 31 January 2025, all goods imported from the European Union (EU) to Great Britain (GB) must be covered by a safety and security declaration.
Disclosing errors in claims for research and development tax relief
  • Article
  • 06 Jan 2025
Companies and agents can use a new online service to disclose errors made in claims for research and development (R&D) tax relief to HMRC.
Technical round-up: December 2024
  • Article
  • 18 Dec 2024
This month’s top stories feature issues with HMRC’s customer service performance raised by ICAEW; the Scottish and Welsh Budgets; and a range of articles on why the UK must reform VAT.
Residential land tax hike in Wales
  • Article
  • 11 Dec 2024
In its Budget for 2025-26, the Welsh government has announced that the rates of land transaction tax (LTT) for some purchases of residential property will increase by 1 percentage point.
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Inheritance tax

Member Insights: October/November 2024
  • Article
  • 28 Nov 2024
The Autumn Budget met with much criticism by members, with the impact of employers’ national insurance and the national living wage dominating feedback. Meanwhile, announcements on business rates and incentives for growth were conspicuous by their absence.
Exclusive Further thoughts on the Halloween Budget
  • Article
  • 06 Nov 2024
Now that the dust has settled, at least temporarily, on the Autumn Budget, it is worth looking at the implications for those taxpayers who are likely to be affected.
Technical round-up: October 2024
  • Article
  • 31 Oct 2024
This month’s top stories feature eight Budget updates covered by ICAEW’s Tax Faculty, a list of software products that are now ready for MTD ITSA, and new VAT guidance for private schools.
ICAEW welcomes increased funds for HMRC in Autumn Budget
  • Article
  • 30 Oct 2024
HMRC has received additional investment, with its budget for 2024/25 increasing from £4.7bn to £5.2bn, and its initial budget for 2025/26 set at £5.8bn. However, HMRC is expected to make savings of £107m in 2025/26 from continuous improvement.
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Pensions

How agents can help with McCloud tax changes
  • Article
  • 03 Dec 2024
ICAEW explains how agents can make use of HMRC’s online service to correct the tax position of a client affected by the public service pensions remedy (also known as McCloud).
Tax news in brief 16 October 2024
  • Article
  • 15 Oct 2024
Highlights from the broader tax news for the week ending 16 October 2024, including: an update on the new independent film tax credit; HMRC encourages taxpayers to look online for information; and a HMRC one-to-many campaign relating to 2022/23 tax returns.
Tax news in brief 21 August 2024
  • Article
  • 20 Aug 2024
Highlights from the broader tax news for the two weeks ending 21 August 2024, including updates on: requesting overlap relief information from HMRC; the abolition of land transaction tax multiple dwellings relief; and further changes to the legislation providing for the abolition of the pensions lifetime allowance.
HMRC publishes over 100 FAQs on lifetime allowance abolition
  • Article
  • 29 Apr 2024
HMRC has published an update for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance (LTA).
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Property tax

Technical round-up: December 2024
  • Article
  • 18 Dec 2024
This month’s top stories feature issues with HMRC’s customer service performance raised by ICAEW; the Scottish and Welsh Budgets; and a range of articles on why the UK must reform VAT.
Exclusive Double the SDLT trouble
  • Article
  • 18 Dec 2024
Referring to a recent case in which two lots of stamp duty land tax were paid on a single amount of consideration, Sean Randall cautions advisers to take care when it comes to SDLT.
ICAEW comments on Finance Bill 2024-25
  • Article
  • 16 Dec 2024
ICAEW’s Tax Faculty monitors the progress of Finance Bill 2024-25 and sets out its concerns regarding some aspects of the legislation, including the impact of the mid-year changes to rates of capital gains tax (CGT) on tax returns.
Residential land tax hike in Wales
  • Article
  • 11 Dec 2024
In its Budget for 2025-26, the Welsh government has announced that the rates of land transaction tax (LTT) for some purchases of residential property will increase by 1 percentage point.
View all

Residence and domicile

Jon Moulton on the first Labour Budget
  • Article
  • 10 Dec 2024
The Labour government’s first Budget presents challenges for private equity, but nothing is insurmountable, says Jon Moulton CBE.
Budget updates on manifesto commitments
  • Article
  • 30 Oct 2024
The government has provided updates on some of the key measures included in the Labour Party’s general election manifesto, including the taxation of “non-doms” and charging VAT on services provided by private schools.
Panel supports UK re-domiciliation regime
  • Article
  • 14 Oct 2024
The panel set up by the previous government to explore a possible UK re-domiciliation regime has outlined how the regime could work and the tax, accounting and insolvency legislation that may be needed.
Exclusive Cryptoassets: international tax issues
  • Article
  • 03 Oct 2024
In the second of a series of articles on cryptoassets, members of ICAEW’s digital assets working party explain the key international tax considerations for individuals holding cryptoassets and for cryptoasset businesses.
Non-doms asked to check 2022/23 tax returns
  • Article
  • 30 Sep 2024
HMRC is asking individuals who are not UK-domiciled (non-doms) and are long-term UK residents to check if they should have paid the remittance basis charge for 2022/23.
Economy explainers: what is the non-dom regime?
  • Article
  • 12 Sep 2024
The Labour government has pledged to deliver on the previous administration’s commitment to abolish the tax rules for non-UK domiciled individuals. ICAEW experts explain what makes someone a non-dom, and why it matters.
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Savings and investments

EIS and VCT scheme extended by 10 years
  • Article
  • 09 Sep 2024
Shares issued before 6 April 2035 will qualify for relief under the enterprise investment scheme (EIS) and the venture capital trust (VCT) scheme if all other conditions are met.
Claims for investors’ relief may not be valid
  • Article
  • 09 Aug 2024
HMRC is writing to taxpayers who claimed for investors’ relief on their 2022/23 income tax self assessment (ITSA) return and do not appear to meet the conditions for the relief.
Employers, directors and shareholders to give HMRC more information
  • Article
  • 19 Mar 2024
Draft regulations require employers to provide more details of employees’ hours to HMRC. Additionally, shareholders will need to provide details of close company shareholdings and dividends.
Autumn Statement: the tax changes that didn’t make the headlines
  • Article
  • 29 Nov 2023
ICAEW’s Tax Faculty scans the Autumn Statement documents for other tax-related announcements. Various tax measures can be found in the Overview of tax legislation and rates, the Autumn Statement, and updated Tax information and impact notes.
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Trusts

Exclusive The tax benefits of employee ownership trusts
  • Article
  • 05 Dec 2024
In the second of two articles on employee ownership trusts (EOTs), Nick Wright explores the capital gains tax exemption for the shareholders of the trading company and the income tax exemption for employees receiving bonuses.
ICAEW supports reform of the trust registration service
  • Article
  • 26 Jun 2024
Having a de minimis level for registration should benefit small trusts that do not fit any of the existing exemptions, but only if the proposed de minimis criteria are appropriate.
Tax news in brief 29 May 2024
  • Article
  • 29 May 2024
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
Exclusive Practical points: personal tax May 2024
  • Helpsheets and support
  • 01 May 2024
Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work. This month covers capital gains tax; income tax; and trusts.
Capital gains tax: Treaty residence, trusts and unpublished decisions
  • Helpsheets and support
  • 04 Apr 2024
The Upper Tribunal has dismissed the taxpayers’ appeal in the capital gains tax case Haworth and others v HMRC. The case involved the use of a ‘round the world’ scheme, involving overseas family trusts...
New guidance on applying for help with paying IHT
  • Article
  • 02 Apr 2024
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Exclusive Changes to the rules for low-income trusts and estates
  • Article
  • 02 Feb 2024
Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
Trusts – their use in Personal Financial Planning
  • Article
  • 23 Jan 2024
An explanation of the role of trusts in personal financial planning.
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