Tax

An Aberdeen tax expert has warned that potential drastic changes to Inheritance Tax (IHT) and Capital Gains Tax (CGT) as part of Labour’s Autumn Budget could stifle wealth creation and cost the Treasury more than it hopes to generate. The upcoming Budget on 30 October, the first of the new Lab

Amid speculation of an impending capital gains tax (CGT) hike in the upcoming Autumn Budget, Scottish business owners have accelerated sales and merger negotiations to finalise deals before any potential changes take effect, according to Lindsays. Chancellor Rachel Reeves has so far refused to rule

A new Scottish tax aimed at encouraging the use of recycled materials in construction has been approved unanimously by the Scottish Parliament. The Aggregates Tax and Devolved Taxes Administration (Scotland) Bill will replace the UK Aggregates Levy and tax the sale or use of aggregates consisting of

Time is running out for the vast majority of high net worth individuals (HNWI) in Scotland wanting to pass on their wealth as they put inheritance planning on the back burner, according to new research from Rathbones. A third (31%) of HNWIs in Scotland want to pass on wealth but have put no plans in

Tax specialists at Henderson Loggie are encouraging Scotland’s cultural community to capitalise on available tax reliefs, having witnessed the significant impact these can have on the sustainability of organisations, their long-term planning capabilities, and their broader community influence.

Accountancy firm Wbg is advising operators to get their house in order before the forthcoming abolition of the furnished holiday lettings (FHL) tax regime. The abolition removes the specific tax treatment and separate reporting requirements for FHLs, so that income and gains from an FHL will then fo

More than half of Scottish businesses (57%) have experienced little to no impact from the Scottish Government's income tax policy, while 34% have felt the effects more sharply, according to the Fraser of Allander Institute. The institute's Scottish Business Monitor (SBM) for Q2 2024, conducted in Ma

Henderson Loggie is calling on the UK government to provide businesses with a clear and comprehensive tax roadmap in the forthcoming budget. As Scotland’s businesses face ongoing economic uncertainty, the lack of long-term tax clarity could hinder strategic planning and investment, according t

Reforms to Inheritance Tax (IHT), Capital Gains Tax (CGT) and employer National Insurance (NI) could raise over £20 billion a year, and still pass a 'triple tax test' of improving tax efficiency, ensuring that tax rises fall on those with the broadest shoulders and not break Labour's manifesto

Scottish accountancy firm Wbg has urged entrepreneurs to prepare for potential capital tax hikes in Chancellor Rachel Reeves' upcoming budget on 30 October. The advice follows figures from the Office for National Statistics (ONS) showing that UK government borrowing hit a higher than expected £

Accountancy firm Wbg has advised shareholders planning on using business asset disposal relief (BADR) through a members voluntary liquidation (MVL) process to consider acting sooner rather than later as the likelihood of a bump in capital gains tax (CGT) rises. The advice follows figures from the Of

The number of people expected to pay dividend tax in the 2024/25 tax year has almost doubled since 2021/22, a Freedom of Information request from AJ Bell has revealed. Just under £18 billion is set to line Treasury coffers for this tax year alone, with nearly 3.6 million taxpayers subject to t

Tax expert Stuart Petrie discusses the heightened scrutiny and increased enforcement efforts by HM Revenue and Customs (HMRC), emphasising the importance of taking any enquiries seriously, the methods used for tax recovery, and the benefits of voluntary disclosures to mitigate penalties and liabilit

The Supreme Court has held that professional advisory fees totally around £2.5 million incurred by an investment firm in connection with the sale of a loss-making business could not be deducted as expenses of management under section 1219 of the Corporation Tax Act 2009. Centrica Overseas Hold

A recent survey by the Scottish Chambers of Commerce (SCC) has revealed growing concerns among Scottish businesses regarding taxation and recruitment, issues that could hinder Scotland's economic growth.