What happens to the tax you pay?

How many of us would feel happier about paying our taxes if we felt the Government was as eager about spending the money wisely and carefully as it seems eager to collect taxes from us? The amazing incredulous truth is that every penny of income tax the Government collects from us each year it spends…

Restriction of PPR

Restriction of PPR If part of your home is let it will not affect your exemption from capital gains tax, providing the ‘rent a room’ scheme applies. HMRC publication IR87 page 9 states: “The private residence relief is not affected if you have a lodger who is treated as a member of your family, sharing…

EIS Schemes

EIS-schemes You can invest in a company wholly owned by yourself, providing it is engaged in a qualifying trade The Tax Relief An individual with no more than a 30% interest in the company can reduce his income tax liability by an amount equal to 20% of his share subscription. The minimum subscription is £500…

Personal Private Residence

Adopting a property as a personal private residence Lets start by saying this is a complicated area! A Principal Private residence is CGT-free only IF two conditions are fulfilled :- 1. the property must not have been purchased for the sole reason of making a profit and 2. that to be exempt the property (dwelling…