Neil Edwards

Oct 30, 2024 | lewisgolden.com | Neil Edwards

In the run up to the Budget 2024, there had been much speculation about what changes might be made to Inheritance Tax (IHT) and whether the government would seek to introduce a wealth tax. Introducing a wealth tax might have been highly controversial, and there were no overt wealth tax proposals announced. However, with the tax-free thresholds for estates being frozen until 2030, more estates than ever will be dragged into paying IHT.

Oct 30, 2024 | lewisgolden.com | Neil Edwards

Rates of Capital Gains TaxThe Chancellor announced an increase in Capital Gains Tax (CGT) for gains on sales and disposals made after 30 October 2024. The modest CGT annual exemption of £3,000 remains frozen. The lower rate of CGT for gains within the basic rate band increases from 10% to 18% with the higher rate of CGT, which applies to gains above the basic rate threshold, will increase from 20% to 24%.

Oct 30, 2024 | lewisgolden.com | Neil Edwards

In the dog days of summer HMRC held a number of “listening sessions” for advisers on proposals for taxing UK resident non-domiciled individuals. Surprisingly, these were not just a PR exercise: HMRC listened.

Mar 28, 2024 | lewisgolden.com | David Bateman |Neil Edwards |Lewis Golden

Although often dismissed, the index-linked UK State Pension can be remarkably good value for the outlay required and, in some instances, can cost you nothing. Entitlement to a state pension requires at least 10 “qualifying years” of National Insurance Contributions (NIC), with the maximum pension of £10,600 obtained after 35 qualifying years.

Mar 6, 2024 | lewisgolden.com | Neil Edwards

New rulesFrom 6 April 2025 the concept of domicile for tax purposes will be abolished. Instead, individuals that have been non-resident for ten or more consecutive years will enjoy 100% tax relief on their foreign income and gains (FIG) for the first four years of UK tax residency regardless of their domicile status and without a requirement to pay a remittance basis charge.