In 2021-22, investment in Venture Capital Trusts (VCTs) eligible for income tax relief surged by 61%, reaching £1,040m. The number of investors claiming tax relief also rose by 32% to 25,800. Most investors typically contribute under £50,000, with an average…

From 17 January 2024, those applying for probate in England and Wales no longer need to complete an IHT421 probate summary to submit with their IHT400. Instead, the letter which HMRC sends confirming receipt and processing of the form IHT400…

From 8 March 2024, HMRC is making changes to the way paternity leave and pay can be claimed and taken, to make it more flexible. The changes will: allow leave to be taken in non-consecutive blocks allow leave and pay…

HMRC received 4,757 self-assessment tax returns on Christmas Day. This compares with 3,275 filed on the same day in 2022. The peak time for filing was between 12 noon and 1pm when 402 returns were received. A further 12,136 taxpayers…

In 2024, despite lower National Insurance rates, freezing income tax and allowances will likely cause a net tax increase, says the Institute for Fiscal Studies. Those earning around £35,000 may gain £130 from the National Insurance cut but lose due…

A new policy paper on the additional buildings and technologies that will benefit from VAT relief for the installation of energy-saving materials has been published. From 1 February 2024, relief will be extended to installations of energy-saving materials in buildings…

HMRC received 4,757 self-assessment tax returns on Christmas Day. This compares with 3,275 filed on the same day in 2022. The peak time for filing was between 12 noon and 1pm when 402 returns were received. A further 12,136 taxpayers…

In 2020, ten companies, all with a common director who was a chartered accountant (AD), had their claims for seed enterprise investment scheme (SEIS) relief denied by HMRC. The refusal was based on three main grounds for each company: failure…

The Chartered Institute of Taxation (CIOT) criticizes HMRC's handling of research and development (R&D) tax relief compliance. Despite HMRC's acknowledgment of shortcomings and efforts to improve, the CIOT states that valid claims are still being rejected. The CIOT urges HMRC…

Shona Robison announced Scotland's 2024-25 Budget on Dec 19, 2023. Key tax changes include a new 45% rate for income between £75,000 and £125,140, and a 48% top rate for income over £125,140 starting April 6, 2024. Other rates and…