The maximum amount which can be added to an ISA in the tax year 2018/19 is £20,000 and this allowance is to remain the same for the next tax year. Both spouses are entitled to their own allowance, but an unused ISA allowance cannot be carried forward. So, if you do not use your ISA allowance by 5 April 2019 you will lose the opportunity to do so.
Who received a ‘gift’ and who was left with a ‘lump of coal’ this festive season?...
It’s been over a month since the Chancellor Philip Hammond stood up and gave his Autumn Budget announcements but for individuals there were a number of changes which were announced that are worthy of a reminder. Some of these we were already aware of but there were also a few changes which came as a bit of a surprise.
This article is the third in a series in which we focus on property issues in our bi-monthly e-newsletter for individuals and their families, Pathfinder – personal tax and wealth (sign up here). Over the next few editions of the e-newsletter we will further explore the most common property tax issues our clients are asking us about. Whether a landlord, or simply someone looking to utilise property as an investment for their (and their family’s) future, this series will seek to advise you on your options, and prevent you from falling foul of any unforeseen tax implications!
In this article we look at the tax advantages of investing in a furnished holiday home (FHL)…
December is obviously a period for festive cheer, and not for pondering our demise, however inheritance tax (IHT) planning is an ongoing consideration, and strangely enough the holiday season may present an opportunity to make a tax effective gift.
According to the 2016 Defra Farm Business Survey, over 60% of UK farming businesses have diversified. With more business ventures on farms likely in the future it is important to be clear on the impact any changes will have for inheritance tax purposes.
Throughout the final quarter of 2017 the financial world witnessed a rapid rise in the popularity of “cryptocurrencies” such as Bitcoin, Ethereum and Litecoin. These new decentralised electronic currencies with their instant financial transactions attracted large numbers of investors, few of whom gave much thought to the implications for their tax returns!
Around 5 million people in the UK are working for themselves – this makes up 15% of the UK workforce. Around one in three of these people say they cannot afford to save into pensions privately, so they will rely on the state pension to fund their retirement.
Every investment decision should be taken with care and consideration of all of the facts. But equally important is the need to give thought to your overall investment strategy and what you want to achieve.