Category: News

Income Tax threshold levels fail lower paid

In the Autumn Budget Statement there was good news for income tax it appeared. It had been widely speculated on that promised rises in allowances would not go ahead. Yet on the day it has been announced that the personal allowance threshold for income tax and the higher rate threshold are both to be raised from April 2019 to £12,500 and £50,000 respectively (from £11,850 and £46,350).

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Call to use life insurance in trust as more than 6.9 million parents give children inheritance early

Over 6.9 million parents have given their children ‘their inheritance’ early, to try to reduce the amount of inheritance tax payable on their estates. This amounts to a total of £227 billion, at an average of £32,920. A further 6.5 million parents have not yet transferred assets to their kids but plan to do so in the future to avoid a hefty inheritance tax bill, according to Direct Line Life Insurance.

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National Insurance payments increase threat

The rise in income tax threshold for higher rate tax payers was seen as a good thing in the recent Budget. But as the devils start to crawl out of the detail it emerges that the rise is less than beneficial, according to detailed study of, Budget papers by mutual insurer Royal London.

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Tax Updates