April 2017 - Whitefield Tax - Isle of Wight Accountants

Foreign pensions under scrutiny

by Jessica Garbett | Apr 28, 2017 | ACCA, pensions, personal taxatation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

Increase in Individual Savings Accounts (ISA) limits

by Jessica Garbett | Apr 27, 2017 | ACCA, personal finance, personal taxatation

From 6 April 2017, the annual ISA allowance will increase from £15,240 to £20,000. Introduction Individual Savings Accounts (ISAs) are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares...

Scotland’s tax-setting powers increase

by Jessica Garbett | Apr 26, 2017 | ACCA, business taxation, personal taxatation

Scottish Parliament gains full control over residents’ income tax. From April 2017, the UK government will devolve further legislative powers to set income tax rates and thresholds applying to employment, pensions and property income (‘non-savings, non-dividends’...

Scottish tax rates come into force

by Jessica Garbett | Apr 25, 2017 | ACCA, business taxation, employer returns

Different rates now apply to taxpayers in Scotland. The Scottish Finance Bill 2017/18 has been passed by the Scottish Parliament, freezing the basic rate of income tax at 20%. It also freezes ‘the higher and additional rates at 40% and 45% respectively’, and...

NIC for self-employed to rise

by Jessica Garbett | Apr 7, 2017 | ACCA, budget, business taxation

Changes aim to align national insurance contributions and income tax. One of the significant features of the Budget is the changes for the self-employed. The nod to national assurance alignment and increases in national insurance contributions (NIC) will be...

« Older Entries

Foreign pensions under scrutiny

Increase in Individual Savings Accounts (ISA) limits

Scotland’s tax-setting powers increase

Scottish tax rates come into force

NIC for self-employed to rise

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