Previously when couples separated, they had until the end of the tax year to transfer assets between them, in order to benefit from spousal exemption for capital gains tax purposes. This could and did put significant pressure on both parties to potentially make quick...
As we head towards the new tax year on 6 April 2023, there are lots of things to think about in relation to tax planning such as changes to tax bands, capital gains tax allowances, corporation tax rates and dividend allowances to name but a few. How can Lambert...
We are all aware that putting money into a pension enables us to save for our future retirement – but have you considered the savings that are available now? Each year, we all have up to £40,000 of annual allowance for pension contributions. If you are an...
It has been proposed and we are still awaiting confirmation from the 2022 Finance Bill, that new beneficial rules will be introduced for divorcing couples from 6 April 2023. This will allow more time for tax beneficial inter-spousal or civil partner transfers to...
Our previous Stamp Duty Land Tax (SDLT) article of 12 June 2020 discussed an extension to the exceptional circumstances rule, where a sale of a previous home had taken longer than 3 years to complete. This would normally restrict the ability to claim a refund of the...
The selling or gifting of residential property will be a Capital Gains Tax (CGT) event, whereby the gain will normally be calculated by reducing the market value/selling price for the cost of acquisition and for other allowable expenditure. The main relief from CGT...
