Stamp duty land tax (SDLT) is currently payable by purchasers of property located in England, Wales and Northern Ireland. This article does not apply to properties Scotland, which has its own property law, and the land and buildings transaction tax (LBTT).
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IHT residential nil rate band
In 2015 the Conservative party election manifesto promised to “take the family home out of tax by increasing the effective inheritance tax threshold for married couples and civil partners to £1 million”. This will be achieved by 2020 through the introduction of the residential nil rate band (RNRB), worth up to £175,000 per person.
News and Updates
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
Tax News and Updates
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful. Please contact us if you would like to discuss any matters further.
Paper tax returns
Every year there are a number of circumstances in which a taxpayer’s SA tax return will not be accepted by HMRC’s systems as valid, and so it must be submitted in paper form. These circumstances are listed by HMRC as exclusions for online filing.
PAYE codes
After more than three years of submitting payroll data under RTI, HMRC is finally starting to use that information to update employees’ PAYE codes during the tax year. This dynamic coding, also called “PAYE refresh”, is due to start from 31 May.