Gift Relief on Shares in a Business – Capital Gains Tax

Individuals have a number of reliefs from Capital Gains Tax. Some of the reliefs include Roll-Over relief, Incorporation Relief, Gift Relief and Entrepreneurs relief. The different reliefs have different conditions that need to be met attached to them so you will need to look at these first in order to determine if you are entitled …

Read more

Capital Gains Tax Reliefs When Selling Business Assets – Roll Over Relief

Individuals have a number of reliefs from Capital Gains Tax. Some of the reliefs include Roll-Over relief, Incorporation Relief, Gift Relief and Entrepreneurs relief. The different reliefs have different conditions that need to be met attached to them so you will need to look at these first in order to determine if you are entitled …

Read more

Determine your Tax Residency using Statuary Residency Test

Residency is an important concept in tax. This is because you pay tax depending on where you are resident (and domiciled) as seen by the post “ Should you pay Tax in the UK on your income?”. In short, If you are resident and domiciled in the UK, you pay tax on the arising basis …

Read more

Should you pay tax in the UK on your income?

As an individual, your tax liability in the UK depends on your residency and domicile status. Your residency is where you live permanently or on a long-term basis. For tax purposes, your residency is determined by the Statutory Residency Test. You can read all about the Residency test in an article I wrote here so …

Read more

Tax on UK and Foreign Dividend Income

How dividends are tax for UK residents can be a tricky subject for many. Handling tax is easy for businesses as there are industry specific payroll companies such as entertainment payroll companies which manage it for you. But here I will explain how both UK and Foreign dividends are treated for different tax bands. This …

Read more

2015/16 Tax Rates and Allowances

With the new tax year starting this past Monday (6 April 2016), new tax allowances and rates have come into effect. This article briefly summarizes these new allowances and rates that are effective for the tax year 6 April 2015 – 5 April 2016. Tax Rates Basic rate income tax : 20%.   (Paid on earnings …

Read more