Tax rise for under 50s on the horizon?
The Government Actuary’s Department (GAD) said the state pension fund, which is funded by national insurance contributions is under considerable strain due to Britain’s ageing population (Tax).
HMRC goes hunting for ‘hidden’ offshore assets
The number of tax evasion cases identified by HMRC for the 2017/18 year was 3,809 – an 18% rise on 3,216 in 2016/17. It is likely this development has something to do with the Revenue’s extensive new data collection powers under the Common Reporting Standard (CRS).
The cost of tax reliefs is put under scrutiny
Private residence relief comes in for special attention by the National Audit Office (Tax reliefs).
Guidance issued on changes to tax relief for residential landlords
HMRC has issued guidance on the changes to tax relief for residential landlords which are to be phased in from April 2017. The changes will restrict relief for finance costs to the basic rate of income tax (tax relief).