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Articles and news from the latest WealthMe newsletter
1. Autumn statement announcements
1. Autumn statement announcements George Osborne delivered his Autumn Statement on 25 November and it focused on economic and national security. Rather than cover all announcements in depth, please find below a list of some of the key announcements. Income Tax By the end of the decade, everyone will have a digital tax account, whereby they can keep track of their tax affairs The government will restrict…...Read More
2. Income tax savings in 2016-17
2. Income tax savings in 2016-17 The major tax rates and thresholds for 2016-17 are as follows: 2015-16 2016-17 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate for £5,000 savings income 0% 0% Dividend ordinary rate – for basic rate taxpayers 10% 7.5%* Dividend upper rate – for higher rate taxpayers 32.5% 32.5%* Dividend additional rate – for…...Read More
3. The inheritance tax (IHT) problem is still getting worse
3. The inheritance tax (IHT) problem is still getting worse None of us like the thought that when we pass away, tens or hundreds of thousands in tax could be taken out of our estate. Wouldn’t it be better for that money to go to the family? And many people will have been reassured by George Osborne’s announcement in the Summer Budget that £1 million can be left to your relatives without…...Read More
4. Planning to use your pension fund for a buy-to-let?
4. Planning to use your pension fund for a buy-to-let? Under the pension freedoms, some investors have or are considering taking their pension fund to invest in a buy to let property. Their argument is that the rental yield is at least as good as the return from an annuity and they retain the capital investment. But following on from the restriction of income tax relief introduced in the Summer Budget,…...Read More
5. Crackdown on offshore income tax avoidance
5. Crackdown on offshore income tax avoidance The government appears to be paranoid about the idea of people moving their money offshore, getting tax-free interest or returns, and not declaring them for tax. If you are a UK resident, you must pay tax on all your income, wherever it originates, especially if it is paid gross. In the Autumn Statement there was the announcement of a new law that means…...Read More