Capital gains tax changes to hit homeowners

More landlords and owners of second homes could have to pay capital gains tax on the sale of their additional property from April 2020, following a change to private residence relief. Private residence relief allows people to sell their main residence without...

Tax changes impact smaller landlords

Small-scale buy-to-let landlords have been worst hit by tax and regulatory changes to the private rented sector, according to the trade association for lenders. A report from the Intermediary Mortgage Lenders Association (IMLA) shows landlords with one property made...

OTS proposes inheritance tax reform

The Office of Tax Simplification (OTS) has proposed a second set of reforms to the inheritance tax system, to make it easier for taxpayers to understand. These include reducing the current seven-year period at which tax may be due on gifts to five years, and replacing...

Pension rules ‘cause confusion’ for higher earners

A restriction on pension contributions for higher earners is "causing confusion for taxpayers", mutual insurer Royal London has warned. Under the current rules, tax is due on pension contributions when they exceed the standard annual allowance of £40,000. However, a...

Tax gap rises to £35 billion

An estimated £35 billion of tax due was not paid in 2017/18, according to the most recent tax gap report from HMRC. The report, which measures the difference between the amount of tax that should be paid, and what is actually paid, said this made up 5.6% of total tax...