The current climate of tax uncertainty, combined with the financial pressures imposed on many people s lives during the pandemic, has accelerated changes that have been taking place for some time. The need to stay in touch with clients and adapt to shifting circumstances is vital.
For example, wealthy individuals may be seeking to gift money as tax-efficiently as possible to members of the family who need it most or drafting wills, which has been pushed to the forefront of many people s minds during the pandemic. Such steps often require careful thought and planning to ensure wealth is shared as effectively as possible, at the appropriate time.
In the last decade, the total income of the UK's richest rose 0.9% a year after inflation, while the income of the poorest dropped 0.3% a year on average.
New OTS report on Capital Gains Tax helpful for farmers
26 May 2021 |
The Office of Tax Simplification s (OTS) new report makes 14 detailed recommendations
The latest Office of Tax Simplification report on Capital Gains Tax offers generally helpful and sensible recommendations for farming businesses, accountants say.
The new OTS report has extensive scope, covering situations including moving home, divorce, running and investing in a business, and issues affecting land transactions.
It focuses on Capital Gains Tax (CGT) for individuals and smaller business, rather than partnerships, trusts, estates in administration, non-UK residence/domicile, international issues or corporate groups.
It identifies limited awareness around CGT and confusion around reporting and payment. One key recommendation is that CGT should be included in the digital HMRC Personal Tax Account or Single Customer Account.