As we enter a new tax year we understand, in these challenging times for both family life and business life, reviewing tax and finances may be one of the things that becomes more important to all of us. We've produced a personal tax review to help you to identify any tax planning opportunities and take any actions required.
Following the UK Budget announcement, there are also a number of personal tax changes to be aware of coming into effect from 6 April 2020, including:
- An introduction of a 30 day window for the reporting and payment of capital gains tax (CGT) on the disposal of ‘second’ residential properties.
- Further restrictions to the CGT principal private residence relief exemption.
- Further restrictions for higher rate taxpayers for interest relief on the financing of residential property investments.
- An increase in the level of the residence inheritance tax (IHT) nil rate band for deaths taking place in the 2020/21 tax year from £150,000 to £175,000.
- A £90,000 increase in the income thresholds for tapering of pension contributions.
Our tax planning guide
We’ve partnered with our financial planning business Anderson Strathern Asset Management to produce a personal tax review for the 2020/21 tax year. It gives you a useful round up of developments and helps identify the things you may need to know for the tax year ahead.
This report provides an overview of the main tax reliefs, exemptions and allowances on offer, together with some planning tips that could help you protect your wealth by maximising the tax benefits available to you while minimising your tax exposure.
You can download a copy of the review here or click on the download below.
2020/21 tax tables
You can also view and download a copy of the 2020/21 tax tables here or click on the download below.
Our Private Client service offers a full portfolio of advisory services in tax planning, asset protection and family advice. It is a full-service solution that is always tailored to meet individual and family needs.
For further tax planning advice, please contact Martin Campbell, or Alasdair Johnstone or speak to your usual Anderson Strathern contact. We would strongly recommend that you seek specialist advice tailored to your own circumstances before taking any action.