Pilling & Co Stockbrokers Ltd’s Post

📢 Major Changes to UK Capital Gains Tax (CGT) The October 2024 budget introduced significant CGT changes affecting taxpayers, business owners, and investors: 🔹 Rate Increases: Basic rate now 18%, higher rate 24% on disposals. 🔹 Business Asset Disposal Relief (BADR): Tax rate rising from 10% to 14% on gains up to £1M, effective April 2025. 🔹 Investor’s Relief: Lifetime limit cut from £10M to £1M, aligning rates with BADR. Early tax planning could help reduce your CGT bill. Thinking of selling? Consider acting before April 2025. 👉 Read more here: https://lnkd.in/eEZEdNiH #UKBudget #CapitalGainsTax #TaxPlanning #CGT

Despite assurances from Labour that they will not introduce a direct wealth tax, the combination of ambitious spending plans and their pledge not to raise income tax, VAT, or national insurance, leaves limited options to generate additional revenue. This means HNWIs and businesses, often seen as the UK’s ‘wealth creators,’ are likely to be targeted.   Tax Director Victoria Dadswell CTA looks at the key taxes that HNWIs should be keeping an eye on after the Autumn Budget: https://lnkd.in/eVbs8Yz9   #AutumnBudget2024 #UKBudget2024 #BudgetMatters #WealthTaxes #HNWI #HighNetWorthIndividuals #Tax #Investment

From April 6, 2026, changes to Business Property Relief (#BPR) will significantly impact trading businesses and their Inheritance Tax (#IHT) liabilities. While the first £1 million of qualifying assets will remain exempt, amounts above this will attract 50% relief, resulting in an effective tax rate of 20%. For example, shares worth £5 million could lead to a #tax bill of £800,000. It’s crucial to review your #estate planning, consider gifting shares, and update your Will to align with the new rules. Want to understand these changes in more detail? Read the full article here https://bit.ly/3Cuy2Z4

💼 Are you part of the £100K club? 💰 Understanding the tax implications can make a huge difference in your financial planning. For every £2 above £100,000, your Personal Allowance decreases by £1 until it's completely used. This means higher effective tax rates for top earners in the UK. 📉 Navigating this territory can be complex, but fear not! HMRC requires high earners to file a Self Assessment tax return, ensuring compliance and optimizing your tax situation. Stay informed, stay compliant, and make the most of your hard-earned income! 💼💡 #TaxTips #FinancialPlanning #HMRC #HighEarners #UKTaxation

Upcoming Changes to Capital Gains Tax (CGT) in the UK: Key Impacts for Small Businesses Starting 30 October 2024, the UK government will make some important changes to Capital Gains Tax (CGT) that will affect small businesses. The lower CGT rate will rise to 18%, and the higher rate will increase to 24%. The lifetime limit for Investors’ Relief will be lowered to £1,000,000. For businesses selling qualifying assets, the tax rates for Business Asset Disposal Relief and Investors’ Relief will go up to 14% on 6 April 2025 and then to 18% on 6 April 2026. Additionally, the tax on carried interest gains will increase to 32% starting on 6 April 2025, eventually being taxed under Income Tax rules by 6 April 2026. Importantly, businesses will be able to raise money using their existing assets without facing a tax charge, giving them more flexibility in managing their finances. #uktax #taxation #taxsavings #taxpayers #taxadvices #taxupdates #smallbusinessowners

With differing tax points, rates, and payment deadlines between the US and UK, managing double taxation requires strategic planning. Annabel breaks down the nuances and offers valuable tips to minimize tax burdens. #Taxation #USUKTax #CarriedInterest #buzzacott

UK Capital Gains Tax Update: 🇬🇧 Did you know 🧐 Starting April 2024, the annual exemption halved to £3,000. Plus, the CGT rate on residential property sales drops to 24%. What does this mean for you? 👉🏼 If you're planning to sell property, these changes could affect your tax bill significantly. Start planning today to make the most of these new rates! Our UK tax advisors can help you strategise to minimise your liability and maximise returns. https://buff.ly/4e9PlfY #TaxPlanning #CGTUpdate #HemisphereAccounting #UKTaxGuide

There is a mismatch in the US and UK taxation on receipt of carried interest from a partnership. This area is complex, but with strategic planning, there may be opportunities to minimise double taxation for dual US/UK taxpayers. Read our latest insight authored by Annabel Poon to discover more.

In a move expected to bring relief to property sellers, the finance ministry has eased the long-term capital gains tax regime on property sales. In the budget for 2024-25, the tax on LTCG on real estate was reduced from 20% with indexation to 12.5% without indexation. The ministry has now introduced amendments in the Finance Bill, allowing tax payment at 12.5% without indexation or 20% with indexation, whichever is lower, for the sale of properties acquired before July 23, 2024. #FinanceReform #RealEstate #PropertyTax #Budget2024 #LTCG #TaxRelief #KshitijPatel

With the Tax Cuts and Jobs Act set to expire at the end of 2025, taxes will revert back to their previous rates and eliminate many features of the TCJA, including the very popular higher standard deduction. As a result, many individuals and advisors are thinking critically about converting traditional IRA dollars to a ROTH IRA so that future distributions could be tax-free. If you are wrestling with this decisions, check out our CEO and co-founder, Darryl Lyons’ latest article as a thought leader on Forbes Finance Council: https://lnkd.in/gMNiZ2rC #PAXFinancialGroup #SanAntonio #SanAntonioTexas #DarrylLyons #FinancialPlanning #ForbesFinanceCouncil #Forbes #RothIRA #TaxCutsandJobsAct #TCJA