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Connected persons for tax purposes

Connected persons for tax purposes

The definition of a connected person for tax purposes can be complex. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of Chargeable Gains Act (TCGA) 1992. The legislation states: "...
What do we mean by cost of living?

What do we mean by cost of living?

A simple dictionary definition of cost of living would probably say something like: The level of prices relating to a range of everyday items… The problem is, the price inflation for food, or fuel for your car, or heating costs will vary. Although inflation is...
Tax Diary August/September 2023

Tax Diary August/September 2023

1 August 2023 – Due date for corporation tax due for the year ended 31 October 2022. 19 August 2023 – PAYE and NIC deductions due for month ended 5 August 2023. (If you pay your tax electronically the due date is 22 August 2023) 19 August 2023 –...
Pension Credits

Pension Credits

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to help keep retired people out of poverty. There are two main parts to Pension Credit. The first part is referred to as the...
Tax on property you inherit

Tax on property you inherit

If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the estate beneficiaries. ...