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Residence nil-rate band

by | Apr 15, 2016 | ACCA, capital taxation

Changes to the nil-rate band when an individual downsizes their property. Legislation in the Finance Bill 2016 provides that where part of the main residence nil-rate band might be lost because the deceased had downsized to a less valuable residence – or had ceased to...

Gift aid – Small Donations Scheme

by | Apr 1, 2016 | ACCA, personal taxatation

New limit for GASDS payments. Gift Aid Small Donations Scheme (GASDS) top-up payments are restricted to a maximum small donations limit of £8,000 per tax year after 6 April 2016 for eligible charities and CASCs. As a reminder, GASDS: allows charities and CASCs to...

Spring Budget: Lifetime ISAs

by | Mar 26, 2016 | ACCA, budget, personal finance

Young savers can save £4,000 per annum and get 25% bonus from the government. Up to £4,000 can be saved each year. The government will pay in a 25% bonus on these contributions at the end of the tax year. Savers will be able to make Lifetime ISA contributions and...

Scottish income tax

by | Mar 23, 2016 | ACCA, personal taxatation

From 6 April 2016, taxpayers pay the Scottish rate of income tax if they live in Scotland. This means that some of their income tax will be paid to the Scottish government. Employees’ and pensioners’ tax code will have the letter ‘S’. This should be at the beginning...