Amber Heron is the Personal Tax Director at Harper Macleod and specialises in helping people with their taxation issues. Here, she looks at the potential Capital Gains Tax implications of selling a property.
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In the last few days HM Revenue & Customs (HMRC) have advised that daily penalties will not be charged where an individual has been late filing their 2018/19 self-assessment tax return. HMRC have said that this is in recognition of the exceptionally difficult circumstances many taxpayers faced due to the impact of the pandemic.
How long will it take to get compensation? How much compensation will I get? How much is this going to cost me? Only one of these questions can be answered with any certainty at the start of a personal injury claim. Cost. Before you even start the claim process, your solicitor will be able to tell you how much it's going to cost you.
HM Revenue & Customs (HMRC) is set to launch a new compliance campaign shortly aimed at those who have disposed of UK residential property and either failed to disclose the disposal, or incorrectly reported the disposal. HMRC are expected to send out 14,000 'nudge' letters to individuals it believes made a taxable residential property disposal in the 2018/19 tax year.
Legal Rights are a distinctive feature of Scots Law designed to protect spouses and children from disinheritance. Recently we have seen an increasing number of queries relating to Legal Rights by those who wish to disinherit their spouses/children for a variety of reasons.