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Proposed changes to #inheritance #tax reliefs for #farms and #family #businesses have been among the most contentious measures announced in recent Budgets. Following sustained criticism particularly from the agricultural sector the government has now confirmed a significant softening of its original plans.  So what has changed?

How gift holdover relief currently works
Gift holdover relief allows capital gains tax (CGT) to be deferred when certain assets are given away, provided both the person making the gift and the recipient jointly elect for the relief. In the context of shares in a trading company, this relief is commonly used by owner-managers passing their business to the next generation, enabling a transfer without an immediate CGT charge.

Sneaky #Tax Change is a Blow for Side Hustles
From the 2029/30 tax year onwards, HMRC plans to make PAYE coding adjustments mandatory for eligible taxpayers. Crucially, the change goes even further: the first year of the new system will not only collect any underpayment from the prior year but will also collect an estimated liability for the current year.

Government Quietly Confirms Significant Change to Personal Tax Reliefs

Autumn Budget 2025: A Tax System Redrawn. While some adjustments take effect straight away, many of the most significant reforms are scheduled over the next few years, creating a long runway for households and businesses to prepare.

Can Flipping Properties Create an Unexpected Tax Bill?
Turning a renovation project into a tidy profit sounds tempting but without the right planning, your property “flip” could attract an unwelcome tax bill.

On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament. Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring stability to the economy and security for working people. With further borrowing ruled out and a determination not to announce further tax changes, her focus has been on government spending, a review of which will be announced on 11 June 2025. This will allocate government spending for the three years from 2026/27 to 2028/29.

THERE’S STILL TIME FOR SOME YEAR END TAX...

Business News England  - 4 November 2024 Welcome...