Wealth Knowledge

Curtain comes down on stamp duty land tax holiday  The stamp duty holiday in England and Northern Ireland has ended, more than 14 months after it first came into effect.  The tax break saw buyers who purchased residential properties for £500,000 or less pay no stamp duty until 30 June 2021, although landlords still had

Stamp duty land tax holiday fuelled equity release spike Homeowners released £1.17 billion of property wealth between April and June 2021, said the Equity Release Council (ERC).  Tax savings on offer from the stamp duty holiday are thought to have spurred on over-55s to help their children get onto the property ladder.  The ERC said

Lower stamp duty land tax threshold in place until October The stamp duty land tax-free threshold in England and Northern Ireland reduced last month, as the tax holiday introduced in July 2020 began to be phased out.  The first cliff edge for residential property buyers came and went on 30 June 2021, marking the end

Home movers fuel spike in mortgage borrowing as prices rise A record proportion of mortgage borrowing in the first three months of the year was fuelled by home movers as the ‘race for space’ hotted up.  The Financial Conduct Authority said this group accounted for 42% of total mortgage lending – the highest proportion since

Frenzied rush sees mortgage borrowing hit record high UK homeowners borrowed a record £11.8 billion more on mortgages than they repaid in March 2021. Figures from the Bank of England showed the net-borrowing level was the highest of any comparable month since records began in April 1993.  The previous record of £10.4bn was set in

HMRC publishes new guidance on unregulated crypto assets Cryptoasset investors have received further clarity on the tax treatment of their unregulated investments from HMRC. Bitcoin is by far the most well-known cryptoasset, although there are more than 1,000 others in existence. Last month, the value of one Bitcoin soared past $60,000 (roughly £43,383) for the

Inheritance tax freeze ‘set to grab £985m’ from estates  The Treasury expects inheritance tax receipts to soar by almost £1 billion by 2025/26, following the decision to freeze two key thresholds in last month’s Budget.  The nil-rate band will continue at £325,000, while the residence nil-rate band remains at £175,000 until April 2026.  This means

OTS proposal could trigger a spike in pension tax relief bills Higher-rate taxpayers who save into personal pensions and fail to claim extra tax relief could soon have it handed to them automatically under a new proposal.  Currently, individuals pay into their personal pension scheme out of their net income, while their pension provider claims

Are major tax changes on hold until the autumn? Chancellor Rishi Sunak is expected to shelve plans to introduce tax rises in next month’s Spring Budget, according to reports. The Chancellor will deliver his second Budget on 3 March 2021 and his first since COVID-19 began to engulf the UK last March.  Since then, the

IFS: ‘People born in the 1980s face long wait for inheritance’ The average person in their 30s and early 40s faces a wait until they are 64 to inherit their parents’ wealth, according to the Institute of Fiscal Studies (IFS).  The average age of those losing their last surviving parent is tipped to rise from