National Farmers'​ Federation’s Post

For higher-rate taxpayers, holding UK gilts can offer significant advantages over keeping cash in savings.⁣ ⁣ 1. 𝐓𝐚𝐱 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: The capital gains on gilts are exempt from Capital Gains Tax (CGT).⁣ ⁣ 2. 𝐇𝐢𝐠𝐡𝐞𝐫 𝐑𝐞𝐭𝐮𝐫𝐧 𝐓𝐡𝐫𝐞𝐬𝐡𝐨𝐥𝐝 𝐟𝐨𝐫 𝐂𝐚𝐬𝐡: You'd need over 6% interest on cash savings just to match the after-tax returns on gilts, given the income tax payable on interest.⁣ ⁣ 3. 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭-𝐁𝐚𝐜𝐤𝐞𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: Gilts are fully backed by the UK government, making them one of the safest investments available.⁣ ⁣ For higher-rate taxpayers, gilts provide tax advantages, safety, and potentially better returns than cash savings. Worth considering!

🔎 Big Read | As the government prepares to allow all councils in England to sell property assets to help fund key local services, doubts over the ability of local authorities to gain best value for council tax payers are rising

Talking Heads: What property industry leaders fear most from the Autumn Statement 2024 Ahead of this week’s Autumn Statement – the first Labour Budget event in 14 years – PrimeResi canvassed 25 business leaders in Britain’s prime residential property arena, to get an inside track on the industry’s hopes and fears for the imminent tax shake-down. Six key fears were highlighted by commentators – with increases to Capital Gains Tax emerging as the most worrisome prospect. The abolition of non-dom tax exemptions and changes to Stamp Duty – both of which have been trailed by the Government – are also giving cause for concern amongst prime property advisors and their clients. https://lnkd.in/gVE6eWA3

𝐑𝐄𝐀𝐒𝐎𝐍𝐒 𝐓𝐎 𝐊𝐄𝐄𝐏 𝐍𝐎𝐎𝐒𝐀 𝐈𝐍𝐃𝐄𝐏𝐄𝐍𝐃𝐄𝐍𝐓 👨💼👩💼 Visiting our businesses throughout the year, working with our Chambers of Commerce and the Small Business Commissioner means we advocate early on what is directly impacting them! 👍This included land tax thresholds with Government now committing to review all property taxes in 2025. Regardless of who holds power after October, we will be fighting to ensure any progress is not lost, and what has not progressed, is! That is the benefit of Noosa being Independent. We can work with, or against, both sides of politics. 👉Find out more reasons why at https://lnkd.in/gXwWNYsj

Check out what GSB | B Corp™ Wealth Partner Mauro De Santis Bo, Chartered MCSI LLB, had to say in this article from PA Adviser about how non-dom clients will be affected by UK tax changes. Key highlights include: - The UK's proposed tax reforms aim to create a fairer tax system and increase public funds. - Non-domiciled individuals may face stricter tax rules and higher liabilities. - There is concern that these changes could drive away ultra-wealthy individuals who significantly contribute to the economy. - Advisers need to help non-dom clients understand and navigate these changes to minimise adverse effects. Read more here: https://lnkd.in/dH65Qpqt #UKTaxChanges #NonDomClients #TaxReforms #WealthManagement

Around 1.35 million people were affected by the tapering of the Personal Annual Allowance in 2023/24. It could mean their Income Tax bill was higher than expected because they fell into the 60% tax trap. To find out if you could unwittingly be paying a higher rate of Income Tax than you expect, click the link below.

The tapering of the Personal Allowance means some higher-rate taxpayers effectively pay an Income Tax rate of 60%, sometimes without realising. Fortunately, if you’re affected, there could be ways to reduce your tax bill. Click the link below to find out more.

LAST CHANCE TO REGISTER! Our final lecture of 2024 is taking place tomorrow, Thursday 12th December, when we will welcome James Brockhurst of Forsters LLP. James's talk will cover how the tax sovereignty of IFCs, including Guernsey, has been compromised, what IFCs should do in response, and how IFCs should adapt to the new world where tax will be ubiquitous. There has been much talk in 2024 about the UK's non-dom reforms, but there are greater developments afoot... BOOK HERE: https://lnkd.in/dyun3Mve

Just sharing a link to an excellent article by my colleagues Charlotte Fallon and Catherine Concannon on CGT changes in the recent Budget. This one focusses on the stringent anti-forestalling rules included in the legislation for the CGT rate changes. The legislation provoked fierce debate amongst our team as to whether the anti-forestalling measures were effectively retrospective or retroactive, given the apparent shift away from the long-held position that date of disposal for unconditional contracts is the date of entering into the contract. Anti-forestalling measures of this nature are always to be expected when significant rate changes, such as this, come into force. Certainly any taxpayers entering into split exchange contracts straddling Budget day were advised to do so with their eyes wide open. However the idea of combining this with a positive obligation on the taxpayer to notify HMRC if ANY PURPOSE of the split exchange and completion is preserving pre-existing rates is a new one on me. Also interesting are the rules about the interaction of elections to crystallise gains (rather than roll over) for BADR qualifying sellers on their roll into non-cash consideration. Hopefully an interesting read and, as ever, feel free to comment on this post if you have any views! https://lnkd.in/eyfC_H7S

The proposed capital gains inclusion increase is effectively dead. The one-year deferral is just a way to "look good" and "save face." Neither the Liberals nor the Conservatives support it. On a positive note, this means our friends at the CRA can officially put this tax collection effort to rest. Too often, CRA is blamed for enforcing poorly thought-out tax policies—when, in reality, they’re just following the rules set by policymakers.