Alex Campbell, of trading platform Freetrade, said: “The introduction of a 22pc charge on interest earned on cash held in a stocks and shares Isa may now limit the ability of platforms to market the wrapper as ‘tax efficient’. “We may also see platforms decide to lower or eliminate interest payments for cash held in
Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth The Treasury faced a substantial £59.2 billion shortfall from unpaid taxes last year,
Alex Campbell, of trading platform Freetrade, said: “The introduction of a 22pc charge on interest earned on cash held in a stocks and shares Isa may now limit the ability of platforms to market the wrapper as ‘tax efficient’. “We may also see platforms decide to lower or eliminate interest payments for cash held in
Gifts with reservation of benefit are declared by the estate’s executors, whose job it is to tell HMRC whether IHT is due and how much. But if the taxman isn’t convinced by the executors’ explanation, then it can investigate further. Investigators reserve the right to look at bank statements, Land Registry data, insurance policies and
An article you wrote some time back indicated that where children were being gifted a rental property worth less than €400,000, no capital acquisitions tax (CAT) would be due from the child. But would capital gains tax (CGT) be due from the parents? Revenue.ie say CGT is due if you dispose of an asset. They
Consumer group Which? says parents need to understand the tax consequences Many families can benefit(Image: Kathrin Ziegler via Getty Images) Parents assisting their children onto the property ladder are being cautioned about a little-known £3,000 tax rule that could spare families from future complications. With house prices compelling many first-time buyers to depend on the
Tomás O’Leary is CEO and Founder of Origina, helping enterprises extend the life of mission-critical IT systems. Paying tax is one of the few certainties in adult life, and most of us settle up without much thought, ticking it off once a year and trusting that the system is roughly fair. But anyone who has
In the late 1990s, I took out several bonds with a life insurance company. I’ve never withdrawn any money, but I now want to do so. The insurance company has told me that I can take £5,000 from each bond without incurring tax. But is there a risk that adding up the £5,000 withdrawals from
Should you give away your money now, and risk falling short later down the line – or keep it and face a substantial inheritance tax (IHT) bill? This is a dilemma faced by thousands of people trying to decide how to organise their estate. But there is a middle ground. By using a little-known trust-based
Key changes to savings rules are coming in soon Treasury minister Rachel Blake shared an update about ISAs(Image: UK Parliament) The Government has published an update regarding a new ISA product. The statement from the Treasury comes as significant changes to ISA regulations are taking effect shortly. Currently, savers can deposit up to £20,000 per