CGT during divorce or separation

If you are part of a couple that is about to separate or divorce, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax consequences of the break-up are considered.

Income Tax does not automatically cause an issue for separating couples as it is an individually assessed tax, however, there are other taxes that need to be considered. For example, when a couple are

Taxpayers who return to the UK

There are tax implications that you will need to consider if you previously left the UK to live abroad and are now either returning to live and work in the UK or are considering such a move.

In most cases, if you have returned to live in the UK you will be classed as resident in the UK and will be required to pay UK tax on your UK income and gains and any foreign income and gains.

Your exact liability to Income Tax will depend on whether you are resident and / or ordinarily resident and / or

Corporation Tax – marginal relief from 1 April 2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these companies pay Corporation Tax at the same rate as currently.

Where a company has profits between £50,000 and £250,000, a marginal rate of Corporation Tax will apply that bridges the gap between the lower and upper limits. The lower and upper limits

Claiming Child Trust Fund cash

HMRC has published their latest statistics on Child Trust Funds which reveal that whilst 320,000 accounts have now matured, 175,000 funds that have matured remain unclaimed.

If you turned 18 on or after 1 September 2020 there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should also check if they have claimed the money to which they are entitled. The average market value of a matured but not withdrawn account was £2,142 and for a

Concerns about tax repayment agents

HMRC has launched a new consultation seeking views on proposed measures to address consumer protection issues for people who claim tax refunds through repayment agents. The 12-week consultation period started on 22 June and will end on 14 September 2022. HMRC is looking to introduce new measures to stop rip-off agents taking advantage of people and pocketing their tax repayments.

HMRC has received increasing numbers of complaints from taxpayers who have used ‘repayment agents’. These are

Potential tax demand scam

The Office of Tax Simplification (OTS) is a well-known organisation that provides independent advice to the government on simplifying the UK tax system.

The OTS has issued a press release to warn of a potential new tax scam that is using the OTS logo.

The press release reads as follows:

We have been made aware of people receiving correspondence using the Office of Tax Simplification (OTS) logo and signatures to request payment of ‘tax’. The OTS is not a tax collection agency, and the