It was inevitable that sooner rather than later UK Chancellor of the Exchequer Rishi Sunak would put taxpayers on red alert that taxes will have to rise to pay for the £190billion of support the UK Government has given the economy to steer it through lockdown and beyond.
Many watching the UK Chancellor’s Summer Statement were left with unanswered questions, particularly as there is understandable public concern over how the ever-increasing Government debt is to be repaid.
As the fiscal impact of the Covid-19 pandemic begins to bite the focus is beginning to shift to how the enormous cost is to be covered in future.
As the fiscal impact of the Covid-19 pandemic begins to bite the focus is beginning to shift to how the enormous cost is to be covered in future.
UK Expats need to consider the tax implications of owning and renting UK property. The impact of recent UK tax changes is very serious for expats owning UK property that was previously their family home. So much so that selling the property may seem the only sensible option for many. Since 2012 the UK Government…
In this three-part series we will be exposing the myths on UK Inheritance Tax Myth 2 – The residence nil rate band now heralds a £1m UK IHT allowance for all Prior to the 2010 election, David Cameron announced an ambition to raise the inheritance tax threshold to £1m per person. More than seven years…
Increased tax liabilities of up to 26% for South African expats Are you aware that from 1 March 2020, foreign earnings over ZAR1m are to be taxed at South African rates? This applies to you, if you are classified as a ‘physically present’ or ‘ordinarily resident’ South African tax resident. As a South African expat…
In this three-part series we will be exposing the myths on UK Inheritance Tax Myth 1 – My partner will inherit everything free of UK inheritance tax (IHT) … won’t they? Many people assume that if they are married or in a civil partnership, UK IHT will not be an issue for them when their…
Office of Tax Simplification Report on IHT Issued A view from Rachael Griffin, Old Mutual Wealth Head of Trusts & Technical Solutions. The long-awaited report published by the Office of Tax Simplification (OTS), outlining proposals to simplify the UK’s inheritance tax (IHT) system has finally been published. This article takes a look at the key proposals and…
UK Inheritance Tax, Navigating Complexity Confusing rules surrounding inheritance tax means skilled estate planners are more vital than ever, says Old Mutual International’s David Denton. Inheritance tax (IHT) divides opinion, because it creates the potential for a person’s wealth to be taxed twice; firstly, as it accumulates through income and/or capital gains taxes, then again…