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What is 'Tax Day'?

23.03.2021

Private Client

Today, 23 March 2021, we are expecting the Treasury to publish a host of consultation papers that may well propose long-term changes in UK tax policy. 

 

Much of this is expected to be about the administration of our tax system but some, no doubt, will propose tax changes. 

 

Nothing will happen overnight. 

 

Parliament, tax professionals and others will be given time to scrutinise the consultation papers, and there may be another budget in the autumn with a view to possible changes from April 2022. 

 

There has been much discussion already about reforming Capital Gains Tax (CGT) and Inheritance Tax (IHT) - also, it has already been hinted that tax paid by the self-employed should be aligned more closely with those who are employed.

 

As we approach the end of the tax year and prepare for the year ahead - make the most of current tax reliefs, exemptions and allowances available

 

Check List - a handful of suggestions for you to think about:

 

 

Property investors will already know that, from April 2021, only 20% Income Tax relief will be given for loan interest payable out of their property income.  Depending on the value of the loan, it may be possible to improve the net return if the ownership of your investment property can be altered in favour of a spouse who pays a lower amount of tax, without incurring a SDLT liability during the extended holiday period.    

 

CONTACT US

 

Call 01223 810 100 to speak to one of our tax advisers - our private client tax specialists will discuss how your family finances can be managed to maximise your income and ultimately, your family wealth.

 

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