Stamp Duty Holiday Extension Announced in Latest Budget
As recently leaked to The Times, the Chancellor Rishi Sunak has today unveiled a temporary extension to the stamp duty holiday as part of his Budget announcements.
Without proper planning it's all too easy to go down this path!
How does this work?
CGT on the sale of a business is 10% for most entrepreneurs
IHT on the sale proceeds of a business is 40% for most individuals
So if you suffer an untimely death following the sale of a business, 50% of its value could be wiped out overnight in tax! Indeed a recent court case was an example of this happening, although it could have been avoided. Examples of how to do so were given during a seminar for our clients held recently in Northampton.
For further information and advice, contact Catherine Ball at catherineball@hewitsons.com
To be added to our invitation list for future seminars, please email michaelyoung@hewitsons.com or see our events calendar
As recently leaked to The Times, the Chancellor Rishi Sunak has today unveiled a temporary extension to the stamp duty holiday as part of his Budget announcements.
Charities should “proactively” consider the benefits of mergers as they plan how to work most effectively after Covid-19, according to a report.
Despite pressure from construction trade bodies, as of 1 March 2021 a new VAT reverse charge policy must be used for many forms of building and construction works services supply. The changes apply to individuals or businesses who are VAT registered in the UK and who are registered for the Construction Industry Tax Scheme (CIS).
A report from Which? alleges that banks' services to the relatives of a deceased account holder have become less efficient during the COVID-19 pandemic.