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0117 974 5221 team@lawes.co.uk
Highlighting capital gains tax and inheritance tax.
The capital gains tax annual exempt amount will be reduced from £6,000 to £3,000 from April 2024.
Comment It is estimated that around 570,000 individuals and trusts could be affected in 2024/25.
It is estimated that around 570,000 individuals and trusts could be affected in 2024/25.
The inheritance tax nil-rate bands will stay fixed at their current levels until April 2028. The nil-rate band will continue at £325,000, the residence nil-rate band will continue at £175,000 and the residence nil-rate band taper will continue to start at £2 million.
Chancellor Rachel Reeves insisted she has the 'right economic plan' for the UK in her Spring Forecast Statement announcement.
An estimated one million taxpayers missed the self assessment deadline for the 2024/25 tax year, according to HMRC.
The number of people using the HMRC app to pay their self assessment tax bill has increased by 65% this tax year, according to the tax authority.