Capital Gains Tax

Northern Ireland farmers encouraged to make death bed tax plans

Northern Ireland farmers encouraged to make death bed tax plans

By Lenore Rice Specialist rural accountants have encouraged farmers in Northern Ireland and the rest of the UK to seek advice in respect of inheritance tax and capital gains tax in... Read more

HMRC sign commercial property lease on new Belfast office

By Neil Logan HM Revenue and Customs (HMRC) has signed a new commercial property lease that will see 1,600 employees situated in the Erskine House in Belfast from 2021. Erskine House is... Read more

Increase in gifting to cut inheritance tax bills

By Lenore Rice An increasing number of people in Northern Ireland and the rest of the UK are making gifts of assets in order to reduce the inheritance tax bill their... Read more

End of year tax returns scrapped in favour of real-time accounts

Chancellor George Osborne announced in his Budget speech today that the government will scrap annual tax returns and replace them with a 'real-time' online accounts system that calculates tax throughout... Read more

Call for capital gains tax and inheritance tax to be merged

The Institute of Directors (IoD) is calling for the government to merge capital gains tax and inheritance tax to stop owners of high valued properties being taxed twice on the... Read more

HMRC reclaims record amount in unpaid taxes

Almost £3.65 million of unpaid tax has been recovered from taxpayers in Northern Ireland and the rest of the UK by HMRC as a direct result of avoidance schemes, evasion... Read more

Increase in total amount of capital gains tax paid

The total amount of capital gains tax paid in Northern Ireland and the rest of the UK rose to £3.8billion in 2013-14, with 154,000 people liable for the tax. The amount... Read more

HMRC to target all UK income of Expats

Expats who rent out their UK homes or receive a government pension could get their personal allowances cut as part of a proposed government plan. Currently EU nationals and British expats... Read more

Proposals for inheritance tax to be paid before death

Inheritance tax is often referred to as the 'death tax', but if a proposal is taken up by the government it could become just another one of the taxes we... Read more

Hint at tax breaks for Northern Ireland high earners

Taxpayers in Northern Ireland and the rest of the UK may be paying less income tax in the future as David Cameron has suggested some high earners might be moved... Read more

Northern Ireland tax workers to strike over redundancies

Northern Ireland employees of the HM Revenue and Customs (HMRC) are to go on strike on Friday over redundancies and office closures. The strike action has been co-ordinated across HMRC offices... Read more

HMRC announce £23.9 billion tax cheat haul

The Government collected a record £23.9 billion from taxpayers in Northern Ireland and the rest of the UK in additional tax as it stepped up efforts to tackle tax avoidance. The... Read more

Emily Morris receives STEP NI Diploma

Pictured right - The President of the Supreme Court Lord Neuberger presents Emily Morris with her STEP NI Diploma at a STEP conference at the Stormont Hotel in Belfast with... Read more

HMRC treble use of debt collection firms

Taxpayers in Northern Ireland and the rest of the UK owing money to HMRC are finding bailiffs calling to their door more often as evidence shows that the taxman has... Read more

Investigations into NI savers' tax affairs double

Savers in Northern Ireland and the rest of the UK are now being targeted as HMRC tax investigations double. This has raised concerns that innocent mistakes on self-assessment tax... Read more

Threat to NI taxpayers over non resident CGT

HMRC’s plans to extend capital gains tax (CGT) to non-residents selling property in the UK includes proposals for the withdrawal of the principal residence election for all taxpayers in... Read more

Direct Recovery of tax debts from defaulters

The government is consulting on proposals to recover tax and tax credit debts from businesses and individuals in Northern Ireland and the rest of the UK that are actively refusing... Read more

Northern Ireland Taxpayers don’t understand their tax obligations

A new HMRC report reveals that Taxpayers in Northern Ireland and the rest of the UK have a limited understanding of tax and their tax obligations. It also suggest... Read more

Tax clampdown under threat as HMRC plan job cuts

George Osborne's budget promise to fund a clampdown on tax evaders in Northern Ireland and the rest of the UK appears to be under threat after a leaked memo showed... Read more

NI Tax avoiders to be forced to pay off bills sooner

HMRC will now demand faster payments of income tax and national insurance from people in Northern Ireland and the rest of the UK using disclosed avoidance schemes. The new rules mean... Read more

HMRC collect £110m in Capital Gains Tax underpayments

Buy-to-let landlords and owners of multiple homes in Northern Ireland and the rest of the UK have been targeted by HMRC in the past year resulting in an increase in... Read more

7pc of Northern Ireland taxpayers filed late tax returns

HM Revenue & Customs has broken down Self Assessment taxpayer by region and finds that taxpayers in Northern Ireland registered 7 per cent of late tax returns, which was the... Read more

Undeclared offshore account holders face HMRC clampdown

HMRC’s latest campaign which starts on 24th February 2014 will target offshore account holders in Northern Ireland and the rest of the UK in a new clamp-down on tax evasion. With... Read more

New digital services launched for Self Assessment taxpayers

Three new pilot digital services are to be launched by HMRC with the aim of helping taxpayers in Northern Ireland and the rest of the UK manage their tax affairs... Read more

Tax Cheats in Northern Ireland and rest of UK named by HMRC

HMRC have today published the latest list of deliberate tax defaulters which include individuals and businesses from all parts of mainland UK and Northern Ireland.This policy is HMRC's latest approach... Read more

MLA calls for stamp duty and income tax powers for NI Assembly

Basil McCrea, the leader of the NI21 party, has once again brought the devolution of tax powers to the Northern Ireland Assembly debate into the spotlight, as he says his... Read more

Care home costs reduce chance of inheritance

By Lenore Rice A new report claims that 75 per cent of people in England and Wales that go into a care home will see all their savings and property value... Read more

IHT simplification proposal anything but simple

By Lenore Rice The HMRC has supposedly been trying to simplify the UK tax system, generally considered to be one of the most complex in Europe, if not the world. It's... Read more

Fewer people to leave their property as inheritance

By Lenore Rice The number of people in Northern Ireland and the rest of the UK planning to sell or rent their property in order to fund their retirement has risen... Read more

Gov to publish marriage tax break proposal

David Cameron has announced that proposals for a marriage tax break will be published shortly, and it is believed that details will be given to Parliament by the time of... Read more

Tax fraud prosecutions double as HMRC gets tough

The aggressive approach taken by the HMRC to tax evasion and tax fraud over the past couple of years has seemingly paid off, as prosecutions relating to tax fraud are... Read more

2013 Budget tax announcements at a glance

Chancellor George Osborne has today delivered the 2013 Budget. Here are some of the key points in respect of tax: Income Tax From April 2013 the personal allowance will increase to £9,440 By... Read more

Tribunal holds £10m artwork exempt from CGT

The Upper Tax Tribunal has held that painting sold at £9.4million should avoid capital gains tax, after the executors for the Castle Howard estate successfully established that it should be... Read more

Calls for capital gains tax to be reduced

The increase in the rate of capital gains tax (CGT) in 2010 actually lost the Treasury money, according to the Adam Smith Institute. Its report based on official figures, says that... Read more

First list of tax dodgers published by HMRC

The HM Revenue and Customs (HMRC) has published a list of 'deliberate tax defaulters' for the first time, in a week when there has been talk of adopting a name... Read more

Call to name and shame tax avoiders

The Commons public accounts committee is calling on the government to adopt a 'name and shame' approach to tax avoiders in Northern Ireland and the rest of the UK. Over the... Read more

'Labour gov would bring back 10p tax rate'

Ed Miliband has announced that if Labour are returned to government they will bring back the 10p starting rate of tax. It was actually the Labour party, led by Gordon Brown,... Read more

New Years resolution to use CGT allowance

The responses to polls on New Years resolutions for 2013 show an increasing desire among people in Northern Ireland and the rest of the UK to get to grips with... Read more

HMRC to send out 50,000 penalty letters

Half a million people who failed to submit their tax returns for 2010/11 before the deadline will receive penalty letters this week. The introduction of higher penalties in April 2011 has... Read more

Tax evasion informants payments on the rise

HMRC has paid out over £1m to tax informants in Northern Ireland and the UK over the last number of years to informants providing information on anyone evading tax.  These... Read more

Inheritance tax relief could be abolished

The recently created Office of Tax Simplification (OTS) has spend the last weeks picking through the hundreds of different tax reliefs and exemptions that exist under the current UK tax... Read more

Chancellor says Capital Gains Tax taper doesn't work

Giving evidence to the Treasury select committee, Chancellor George Osborne says that he chose not to introduce taper relief on capital gains tax because it added an 'unnecessary degree of... Read more

Capital Gains tax changes in Budget speech

Leading up to the Budget speech today Capital Gains tax (CGT) was perhaps the most contentious issue, or certainly the matter causing most uproar as the government was expected to... Read more

Fears of elderly over capital gains tax increase

Balhousie Care Group, a large residential care home provider, has warned that tens of thousands of elderly people are likely to be suffer significantly if the Government goes ahead with... Read more

Empty property in Northern Ireland 'should be taxed'

Northern Ireland finance minister Peter Robinson has proposed that extra rates should be imposed on empty properties in the province in a bid to encourage them back into use.The government... Read more

'Simplification in tax forms needed'

A report has claimed that self-return tax forms are too complicated and should be made simpler to complete.The Committee of Public Accounts has found that forms produced by HM Revenue... Read more

Consumers 'seeking more financial advice'

The credit crunch has increased the number of people looking for financial advice, according to Unbiased.co.uk. Figures released by the independent website show that the number of people asking for... Read more

Firm moves offshore to avoid CGT changes

Drug maker Shire has announced it will move its base headquarters to Ireland for tax benefits. One of Britain's largest drug makers, Shire Pharmaceutical said that Dublin offered an "optimum"... Read more

Media mogul in tax cut plea

Solicitors in Belfast and Northern Ireland will be awaiting the response to a fresh plea to cut corporation tax in the province.As solicitors will know, corporation tax currently stands at... Read more

Government to produce Taxpayers' Charter

After solicitors in Belfast and Northern Ireland have seen many clients complaining that they don't understand their tax obligations and tax forms, the government has announced a new Taxpayers' Charter... Read more

NI business delivered tax blow

Solicitors in Belfast and Northern Ireland will be disappointed, if not really surprised, to learn that Sir David Varney's report does not recommend a corporation tax cut for their corporate... Read more

Tax report due today

Solicitors in Belfast and Northern Ireland will be paying close attention to the release of the Varney Report today, which is set to detail the tax measures available to government... Read more

Capital gains tax changes postponed

Solicitors in Britain and Northern Ireland will have to wait until the new year before discovering what the final plans on capital gains tax will be.Chancellor Alistair Darling announced in... Read more

Half of firms miss tax deadlines

Solicitors in Northern Ireland will have to ensure that clients adhere to tax deadlines, after a report by the Public Accounts Committee (Pac) revealed that only 60 per cent of... Read more

PM not backtracking on NI tax

Solicitors in Northern Ireland will have to continue to advise businesses over their tax obligations after the prime minister suggested the government would not change its mind with regard to... Read more

Chancellor urged over capital gains tax plans

Solicitors in Northern Ireland may face having to tell small businesses that they will have to pay more capital gains tax after if Alistair Darling's proposals are made law.MP Lady... Read more

Capital gains tax blighting business

Solicitors in Northern Ireland are likely to see more entrepreneurs investing in commercial property and fewer people prepared to start up their own small businesses, if the government does not... Read more

Rev Paisley urges business tax cuts

The Reverend Ian Paisley has added his voice to the growing number of people who are urging the government to cut corporation tax in Northern Ireland, according to the Belfast... Read more

Lower rates 'would be less taxing'

It has been claimed that a lower rate of corporation tax in Northern Ireland would act as a catalyst for economic growth in the province, the boss of a leading... Read more

100,000 offshore tax accounts targeted

HM Revenue & Customs (HMRC) is going to investigate a minimum of 100,000 people in Britain and Northern Ireland who have not disclosed off-shore bank accounts.HMRC had given every taxpayer... Read more

Accountants face greater regulation

Accountancy services in Britain and Northern Ireland will face greater regulation from December 15th 2007.Companies offering accountancy, tax, audit and insolvency services will be forced to undergo monitoring for compliance... Read more

NI commercial property market controlled locally

Solicitors in Belfast are more likely to see clients who come from Northern Ireland for commercial property transactions, as local people are pushing out foreign investors. Northern Irish chartered surveyors... Read more

Business non-compliance could be taxing

Businesses in Britain and Northern Ireland could lose millions and face tax investigations if they do not comply with new Managed Service Companies (MSCs) legislation, Global Compliance Limited warns.With the... Read more

Businesses petition Varney over tax cut

A petition has been signed by 50 top businesspeople, demanding that Sir David Varney makes a recommendation to cut corporation tax in Northern Ireland.Sir Anthony O'Reilly, chief executive officer of... Read more

Victory for firms in tax case

Many hundreds of companies in Britain and Northern Ireland will be able to claim compensation from HM Revenue & Customs after a landmark tax ruling following 12 years of litigation.The... Read more

Professor joins corporation tax cut battle

Professor Richard Barnett, vice chancellor of the University of Ulster, has spoken up in favour of slashing corporation tax in Northern Ireland. Speaking at a graduation ceremony at the university,... Read more

HMRC consults on tax payments

HM Customs and Revenue (HMRC) has launched a consultation on improving tax payment options and managing debt.Payments, Repayments and Debt: The Developing Programme Of Work is the title of the... Read more

New punishments for business tax irregularities

Businesses across Britain and Northern Ireland are being warned to visit their solicitors to ensure their books are in order as new stricter penalties are being brought in for tax... Read more

Beat the 'death duty' through giving

On April 6th the new inheritance tax (IHT) nil band rate will jump to £300,000, meaning that now may be the time for some shrewd gifting.As the new rate comes... Read more

Concern over tax inspector incentives

Concerns have been raised over new plans that could see tax inspectors across Great Britain and Northern Ireland receive incentives for finding further taxable funds.Under proposals from HM Revenue and... Read more