The marginal rate of tax paid is “the percentage of tax paid on earnings for the next pound earned.” What that means is that if you earn £50,000 your marginal rate of tax is 40% because for the next pound that you earn, you will be paying tax at 40%. Below are the...
If you are a UK resident and you are selling your residential property on or after 6th April 2020, any Capital Gains Tax due will have to be calculated and paid to HMRC within 30 days of the sale. For the vast majority of sales, no Capital Gains Tax (CGT) will be due...
In November 2019, Boris Johnson announced that he was freezing income tax, VAT and National Insurance for five years. It was a key part of the Conservatives’ manifesto and echoed legislation brought in by David Cameron in 2015. The point of the Triple Tax Lock...
Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year. For the 2021/22 tax year, it is...
Although, generally, property lawyers know about taxes associated with transfers and disposals (sales) of property, I have come across a couple of instances where they have not fully advised their clients. When a property is owned by a couple (married or civil...
There is an order for deciding how to set off the Annual Exempt Amount (for Capital Gains) and Capital Losses against Capital Gains The Annual Exempt Amount (2020/21 £12,300) is set against any Capital Gains in the year BEFORE any Capital Losses are brought forward....
