IHT Relief for businesses and farms

There is currently a very generous 100% relief from inheritance tax for passing on businesses and farm land during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on...

VAT on Renewable Energy Sources

From the 1st October, HMRC increased VAT from 5% to 20% for the installation of a number of renewable and sustainable energy sources, such as solar panels and biomass boilers. There are some exceptions to this rule, for which a 5% VAT will still apply. This will be...

Government U-Turn on pension tax

From 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance. This taper potentially reduces the normal annual pension allowance from £40,000 down to a minimum of £10,000 which may result in...