Understanding the new rules for non-doms in the UK
The Autumn 2024 Budget introduces some of the most sweeping changes for non-doms in recent years. We are now moving to a tax residence-based system and away from the concept of domiciliation. For many years, UK tax rules have meant that non-doms do not have to pay UK taxes on income and gains arising […]
Changes to Inheritance Tax on private pensions
The new Labour government recently announced a series of changes, including one that will impact how private pensions are treated for Inheritance Tax (IHT) purposes. From April 2027, private pension pots will be included in the value of an individual’s estate when calculating their IHT liability. This could significantly increase the IHT charge on estates, […]
Big changes ahead for Inheritance Tax relief on businesses
The long-standing ability to pass on family businesses without worrying about Inheritance Tax (IHT) is coming to an end on 6th April 2026. For as long as I can remember, Business Property Relief (BPR) has allowed individuals to transfer trading businesses to the next generation free of IHT, allowing family-owned businesses to carry on from […]
Changes to Inheritance Tax for Farmers
Agricultural Property Relief (APR) and Business Property Relief (BPR) have long been crucial for farming families, helping to protect them from having to sell parts of their farms to pay Inheritance Tax (IHT) when the farmer passes away. These reliefs have allowed family farms to be passed down through generations without triggering a major IHT […]
Demystifying COP 8, COP 9 and ADR: What are they, when do they apply, and how do they work?
We invite you to join us and Gravita Tax Investigations Partner, Dion Laycock, at our webinar on Wednesday 4 December 2024 at 9:00am. During the webinar, Dion will be covering: Code of Practice 8 (COP 8) and Code of Practice 9 (COP 9): Tax investigation cases handled by the Fraud Investigation Service (FIS) Who are […]
2024 Autumn Budget Insights – changes to Inheritance Tax on AIM shares
Written by Tax Partner, Michaela Lamb For many years, investing in AIM shares has been a staple in the IHT planning armoury, almost a magic bullet one might say. This is because historically, AIM shares have qualified for Business Property Relief (BPR), providing 100% IHT relief and after only two years of qualifying ownership […]
What the Finance Bill 2024-25 means for the Furnished Holiday Lets (FHL) Tax Regime
As announced earlier this summer, the Finance Bill 2024-25 will confirm that the Furnished Holiday Let (FHL) tax regime will be abolished. Starting in April 2025, income and gains from FHLs will be treated as part of a person’s regular UK or overseas property business. Historically, FHLs enjoyed more favorable tax treatment compared to other […]
Rachel Reeves’ First Budget Unveiled: Tax Perspectives, Analysis and Action
Own shares in a business? Need to think about the Budget and your assets? Worried about the changes to Inheritance Tax and pensions? Join Gravita on Thursday 14 November 2024 at 9:00am, for a deep dive into what the Autumn Budget means for business owners and their families. The session is hosted by Gravita’s […]
Gravita’s Autumn Budget Report 2024
14 years is a long time to wait, and the Chancellor kept us waiting for some time before she got down to the nitty gritty. One of the most hotly anticipated Budgets in recent years started with an announcement that it will raise £40 billion in tax, with the money used to “invest, invest, invest”. […]
Gravita’s Autumn Budget Highlights 2024
Written by Tax Partner, Michaela Lamb Although it feels that we say it every time, surely with a new Chancellor, a new Government and a reported £22billion hole in UK finances, today’s Autumn Statement really has been the most hotly anticipated Budget of recent years? With Rachel Reeves keeping (relatively) tight lipped until the big […]