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October 2023

Making a Will: Why you shouldn't rely on instestacy rules

You can’t take your wealth with you when you die (the wealthier of the ancient Egyptians tried).  Someone must inherit and if you don’t leave a Will, the decision is made for you by the Intestacy Rules, found in Section 46 of the Administration of Justice Act 1925. Our latest article explains the benefits of making a bespoke Will. 

Abigail Hart
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Tax Diary November 2023

Key dates for your tax diary in November 2023.

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Replacement of domestic items relief | Tax Relief For Replacement Of Domestic Items

The difference between the replacement of domestic items relief and wear and tear relief. The replacement of domestic items relief was introduced as a replacement to the previous legislation known as wear and tear relief. The critical difference between the old Wear and tear relief and the new replacement of domestic items relief is that the older system was only available for furnished lettings. The new legislation is not as restrictive as the prior relief, with the further relief available for all properties.  

Mike Wakeford
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Community Investment Tax Relief Scheme | What is the HMRC community investment tax relief?

What is the Community Investment Tax Relief Scheme?The Community Investment Tax Relief (CITR) scheme encourages investment in accredited intermediary organisations, called Community Development Finance Institutions (CDFIs). The tax relief under the system is available to both individuals and companies. CDFIs may take a range of forms, including: • Community loan funds, which make capital available to community regeneration initiatives and businesses; • Micro-finance funds, which make small loans, usually at near-market rates of interest, to the smallest businesses, e.g., sole traders and • Social banks - profit-seeking financial service providers or subsidiaries dedicated to social or environmental objectives.  

Mike Wakeford
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Utilising Capital Gains Tax Losses | Can I deduct capital losses from capital gains?

What are Capital Losses Usually, if you sell an asset for less than you paid, you will make a capital loss. As a general rule, if the support would have been liable to CGT had a gain occurred, then the loss should be an allowable deduction.  

Mike Wakeford
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Paying tax by Certificate of Tax Deposit | What is the HMRC CTD scheme?

What is the Tax deposit Scheme? The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective payment date. The scheme closed for new purchases on 23 November 2017. ​ However, at the time, HMRC had committed to honour existing the remaining certificate of tax deposits until 23 November 2023. As this date approaches, it is important that certificate tax of deposit holders take appropriate action. 

Mike Wakeford
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