Eligible couples may be able to increase their tax-free Personal Allowance to £13,830 by claiming Marriage Allowance and backdating their application. Claims can be backdated for up to four years, potentially resulting in a tax rebate of up to £1,260. To qualify, one partner must earn below £12,570, while the other must be a basic...
Changes to inheritance tax relief announced in the October 2024 Budget are causing concern among farming groups. From April, agricultural property relief and business property relief will be capped at £1m per estate, with assets above that level subject to a 20% effective IHT rate. Although the Government has since increased the combined relief threshold...
A record 66,587 buy-to-let companies were formed in 2025 — an 8% rise on the previous year and the highest figure in a decade. In total, there are now 443,272 active buy-to-let companies, five times more than in 2016. The shift reflects frozen income tax thresholds and higher mortgage rates, which have reduced profitability for...
Campaigners have raised concerns that the windfall tax on North Sea oil and gas producers has reduced the UK’s competitiveness. Industry leaders and union representatives have urged the Government to accelerate plans for a revised tax regime, currently scheduled for 2030. In a letter coordinated by Aberdeen & Grampian Chamber of Commerce, signatories called for...
Almost 37,000 first-time buyers paid stamp duty in 2024/25 despite claiming first-time buyer relief, according to HMRC data. In total, 36,999 transactions that qualified for relief still resulted in a tax charge — roughly one in four cases. The average stamp duty bill was £4,073. Nearly 25,000 buyers paid £2,000 or more, over 13,500 paid...
The Government’s proposed visitor levy could add more than £100 to the cost of UK holidays, prompting criticism from business leaders and politicians. Opponents argue the levy would increase costs for families and potentially discourage tourism. Hospitality firms have expressed concern about the impact on competitiveness and consumer demand. The proposal forms part of wider...
UK house prices have remained steady, with the average asking price just above £368,000. Increased housing supply — the highest for this time of year since 2015 — has given buyers more negotiating power. Improved affordability from lower mortgage rates, rising wages and relaxed lending rules has supported activity. Confidence has strengthened following Budget clarity,...
Companies taken private from the London Stock Exchange are increasingly using borrowing to fund dividend payments to private equity owners. Over the past five years, $2.7bn in debt-funded dividends have been paid. Industry analysts say debt-for-dividend strategies are becoming more common as investors seek cash returns. However, such arrangements are typically more sustainable in businesses...
HMRC clarifies its position on AI in tax software HMRC has recently set out its expectations for AI in tax software, signalling a clear message to developers, accountants, and taxpayers alike. As artificial intelligence becomes more common in tax calculations and compliance tools, HMRC wants to ensure these technologies are used responsibly, transparently, and accurately....
A House of Lords report has raised concerns about the practical impact of new inheritance tax rules affecting pension assets. From spring 2027, families will have just six months to report pension valuations and settle any IHT due. The report warns that the tight deadline could discourage people from acting as personal representatives, given the...
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Copyright by CareAccountancy. All rights reserved.
