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March 2023

Have you utilised 2022-23 IHT allowances and reliefs?

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023.

Mike Wakeford
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Spring Budget 2023 Recap - Pension changes

One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to access carry-forward, unused annual allowances for the last three tax years if they have made pension savings in those years.

Mike Wakeford
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What are the changes to the IHT400 Inheritance tax form?

HMRC has released an updated version of the Inheritance Tax account form (IHT400). This is the main form used as part of the probate or confirmation process where there is Inheritance Tax due or if the deceased's estate does not qualify as an 'excepted estate'. Box 2 on the IHT400 calculation form has been updated.

Mike Wakeford
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Welcome to the future of the UK Economy - How it will change your personal life and your business

A new consultation has been published jointly by HM Treasury and the Bank of England to consider the launch of a potential digital pound, or central bank digital currency (CBDC). The possible new digital pound has also been referred to as ‘digital sterling’ and ‘Britcoin’

Mike Wakeford
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What are the annual exemption changes for Capital Gains Tax?

The annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved from April 2023. This means that the exempt amount will be reduced from £12,300 to £6,000 from April 2023 before being further reduced to £3,000 from April 2024. 

Mike Wakeford
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How do I make a claim on an unclaimed estate?

There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would not be in keeping with your final wishes and can be especially problematic for cohabitees (a couple who live together but are not married and have not entered into a civil partnership).

Mike Wakeford
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What are the TOGC rules on selling a business?

The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate.

Mike Wakeford
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A Recap On The Spring Budget 2023 Announcements.

Jeremy Hunt delivered his first Spring Budget today, referring to it as a ‘Budget for Growth.’ The first part of the speech as usual dealt with the economic background and forecasts on which the budget has been based. According to the Chancellor the most recent forecast is that although the economy will not grow this year, it is likely that a technical recession will be avoided. It is expected that the rate of inflation will fall to 2.9% by the end of the year, and the Bank of England will continue to focus their interest rate policy on targeting a long-time inflation rate of 2%.

Mike Wakeford
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