A new tax year has started, here’s what you should be doing April 5, 2023 Savers have welcomed in a new tax year, starting Thursday 6 April. These include putting savings into tax free accounts such as Isas; the annual contributions limit for Isas will remain frozen in the 2023/24 tax year, from April 6, at £20,000. Sarah Coles, head of personal finance at financial services provider Hargreaves Lansdown, said: [...]
Capital gains tax allowance changes to hit half a million investors’ profits as tax year begins April 4, 2023 Investors are being warned to be aware of the halving in the tax free amount of profit they can make when selling valuable assets, such as shares or a second home. Wealth manager Nutmeg said investors were likely to be caught out by capital gains tax (CGT) changes coming in on 6 April. After then [...]
No new taxes: Labour’s Reeves pledges not to increase CGT limit March 30, 2023 Labour does not plan to increase capital gains tax, shadow chancellor Rachel Reeves has indicated, despite deputy leader Angela Rayner appearing to suggest rates were too low. Prime Minister Rishi Sunak last week released a summary of his tax affairs, which showed that his tax rate was about 22 per cent because most of his [...]
FTSE 100 close: Ocado delivers bumper gains while Next zips lower March 29, 2023 London’s FTSE 100 was hoisted higher by the UK’s largest retailers surging today, except high street bellwether Next, which stumbled badly. The capital’s premier index bumped more than one per cent to 7,564.28 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, surged 1.28 per [...]
Pensions, Isas, child benefit limits and inheritance tax: Your ten point end of tax year checklist March 29, 2023 In five year’s time the annual income of another 2.1 million taxpayers will fall into the higher rate tax threshold, a rise of 47 per cent, according to the Office for Budget Responsibility (OBR). The threshold has been frozen since April 2021 – and is expected to stay frozen until April 2028 while the threshold [...]
FTSE 100 close: Barclays charge runs out of steam as Deutsche Bank swings to losses March 28, 2023 London’s FTSE 100 was pulled higher by banks clawing back losses yet again today, with Barclays and Standard Chartered initially leading the charge before running out of steam heading into the close. The capital’s premier index jumped 0.17 per cent to 7,484.26 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Tax year end: Six ways to invest a £100,000 bonus March 28, 2023 Next week marks the end of the 2022/23 tax year, with midnight on 5 April the deadline for using available tax-free savings and investment allowances. Last December saw city workers awarded bumper bonuses and seven in ten City workers still expect their bonus to be as large as – if not ‘larger’ or ‘significantly larger’ [...]
Junior Isas and the £100k children’s savings club: As savings deadline approaches parents reminded to use their tax free allowance March 28, 2023 Around 40 children had Junior Isa pots worth £200,000 or more at the end of the 2020/21 tax year, according to HM Revenue and Customs (HMRC) figures. And around 500 had savings pots worth £100,000 or above, the figures indicate. The rounded figures were released after a freedom of information request made on behalf of [...]
Tax vote in 2016 saved Sunak £300k: Number 10 insists PM backed it ‘in national, not personal interest’ March 24, 2023 Downing Street has insisted Government decisions are made “in the national interest, rather than personal interest”, after reports that Rishi Sunak saved more than £300,000 due to a cut in capital gains tax he voted for in 2016. The Prime Minister released a summary of his tax affairs on Wednesday, showing that he had paid [...]
Lump sum or regular saving, investing for children and how to go green: Your Isa guide to making the most of this year’s tax-free allowance March 24, 2023 With just under three weeks left until the end of the tax year, savers may still be considering how to use their annual tax-free Isa allowance. You can use your allowance whether you are looking at setting up a regular savings plan, or investing a lump sum, or even considering putting some cash aside for [...]