Preparing for the end of the Stamp Duty Holiday

Introduced in July 2020, the Stamp Duty Land Tax (SDLT) Holiday has helped hundreds of homeowners and investors to reduce the cost of purchasing a new property. However, the higher SDLT thresholds have changed as of 1 July increasing the cost of buying or transferring a home. Since the beginning of July, the SDLT rules…

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HMRC updates Statutory Residence Test due to COVID-19

New guidance has been issued by HM Revenue & Customs (HMRC) which alters how the Statutory Residence Test (SRT) for tax will operate as a result of the COVID-19 pandemic. The latest COVID-19 guidance is likely to affect taxpayers’ ability to move freely into and out of the UK, which could affect their status under…

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Time to Pay threshold increased to £30,000

The Chancellor has announced a time to pay service for individuals who need to spread the cost of their upcoming tax bill due in January 2021. Individuals with self assessment tax liabilities between £32.00 and £30,000 will be able to apply to spread their bill over a period of up to 12 months. They will…

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Other news: HM Revenue & Customs issues ‘nudge’ letters to people suspected of having undeclared overseas assets

HM Revenue & Customs (HMRC) has written to people suspected of having undeclared overseas assets, asking them to declare any currently undeclared overseas assets and to complete a certificate declaring the correct tax position. The letters have been generated following receipt of information from tax authorities around the world through the Common Reporting Standard and…

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Government reduces the penalty for Lifetime ISA withdrawals

With thousands of workers on lower incomes as a result of the coronavirus pandemic, it is not surprising that many individuals need to dip into savings to support themselves. Unfortunately, those with money saved in a Lifetime ISA (LISA) face a penalty for doing so. To help these savers, the Government has announced that the…

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