Paymaster general Dawn Primarolo has handed a pre-Budget sweetener to the elderly by conceding that parts of the controversial pre-owned assets legislation should not be retrospective, and should not apply to certain schemes.
A written statement issued by Primarolo on Tuesday said that responses to consultation had made clear that the prospect of a potential double tax charge on assets is ‘preventing some people from making an election which they would otherwise find attractive’.
The changes will ‘eliminate’ this double tax charge so that people can be assured that ‘only one IHT charge will be due whatever the timing of their death’.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy