Phone01225 320090

Click here to email us and for directions

News

News - 16-04-2015 - Admin - 0 comments

Budget highlights:-

  • Capital Gains Tax (CGT) annual exempt amount - The annual exempt amount for 2015/2016 is £11,100.00.
  • Inheritance tax (IHT) threshold remains at £325,000 for 2015-16.
  • Deeds of variation - the government will review the use of deeds of variation for inheritance tax planning
  • Inheritance Tax and Trusts - New rules will target tax avoidance through the use of multiple trusts. As announced in the Autumn statement 2014, the government will not introduce a single settlement nil -rate band.
  • The ISA limit will rise to £15,240 for 2015/16. So a couple can invest up to £30,480.00 in a tax free plan
  • ISA flexibility - individuals will be able to withdraw money from their cash ISA and replace it in the year without it counting towards their annual ISA subscription limit for that year. The change will be introduced from autumn 2015, following technical consultation with ISA providers.
  • Premium Bonds - The planned increase to the NS&I Premium Bond Investment limit to £50,000.00 will take place on 1 June 2015.
  • Residential Property - Private residence relief will be restricted where a property is located in a jurisdiction in which a taxpayer is not tax resident. In these circumstances the property will only be regarded as the person's only or main residence for a tax year in which the person meets a 90 day test for time spent in the property over the year.

Non -UK resident individuals, trusts, personal representatives and narrowly controlled companies will become subject to tax on gains on the disposal of UK residential property after 2015.

Back To List >>

Add a comment:

Name:

Email:

Comment:

Enter the characters in the image shown:

Burningham & Brown is authorised and regulated by the Solicitors Regulation Authority - SRA Number: 8000096

What our clients say

“Burningham & Brown and previous Partners have been our Family Solicitors for 50+ years, simply because we feel totally secure and comfortable with their professionalism. We would not ever consider using anyone else.”

Read All Testimonials


© Burningham & Brown 2019.

Legal Disclaimer | Terms and Conditions | Privacy Policy

Website by Cloud