Personal Tax
The personal allowance is currently £12,500. Budget 2018 announced that the allowance would remain at the same level until 2020/21 and the statutory provision to increase the allowance annually by CPI was to be overridden.
Other Matters
Land and buildings transaction taxes are devolved to Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax). Stamp Duty Land Tax (SDLT) applies to transactions in England and Nort
Budget 2021
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.
Employment
The current JRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer:
Capital gains tax (CGT) rates
No changes to the current rates of CGT have been announced at Budget 2021. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter.
Business
In 2020, the government introduced a number of government-guaranteed coronavirus loan schemes. In December 2020 the Chancellor extended, until the end of March 2021, access to the Bounce Back Loan Scheme,
Resources
UK Governement Pages: General Click Here. Support for businesses Click Here.
The Indian Tax Rate Cuts
India has recently cut its corporate tax rates in a bid to revive its stagnant economy. The move has widely been seen as a positive and much needed one and sees the rates cut as follows: Companies that don’t seek exemptions will see their tax rate cut from 30% to 22% before surcharge and cess.
Selling Across the Pond: What UK Residents Need to Know When Selling US Property
For UK citizens selling a property in the USA, completing the sale is only your first hurdle. Your next challenge is tax - both in the UK and the USA - neither set of rules being straightforward. Taking UK tax first, if you are resident and domiciled in the UK, you will have capital gains tax (CGT) to pay on any gain achieved on the sale of US property.
Preparing for Changes at the UK Border After a No Deal EU Exit
Summarised below is our understanding of the changes and necessary steps which may be required to be undertaken for UK businesses trading within the EU in the event of a No Deal EU Exit. We have principally focused on the impact on Customs and Excise and VAT. Most of the contents are taken from the published documents by UK government and HMRC.
Indian Bank Interest, When is this Truly Tax Free?
A friend of mine who is of Indian origin, was recently discussing with me how he had found a way to earn an eye-watering 9% interest on cash deposits. He explained that deposits held in an Indian bank account typically earn interest of 7-9% and that he is earning a small fortune on his deposits. Not meaning to bring my friend down to earth, I felt it necessary to make him aware of a few issues.
UK Insights Homepage
Read our latest UK articles, insights and newsletters to get an inside look at Prager Metis. Indian Bank Interest, When is it Truly Tax Free? - 26-9-2017 Briefing Notes - Charitable Giving: The New Rules - 03-04-17
Briefing Notes #2 – Media Entertainment Updates
In this issue we cover five topics; Tax averaging for artists/composers Central Withholding Agreements in USA
Briefing Notes #1 Touring the USA
This is a general briefing guide to some of the problems that can be encountered when touring the USA, in particular, the US Centralised Withholding Agreement (CWA) arrangement for managers of UK acts who intend to tour the USA. It is a practical guide and not a definitive statement of practice or the law. The practice of the law in respect of visas, taxation and CWA’s is constantly changing depending on all number of circumstances.