• Personal Tax

Personal Tax

> Taxation of the Family
Individuals are subject to a system of independent taxation so husbands and wives are taxed separately. This can give rise to valuable tax planning opportunities. Furthermore, the tax position of any children is important.

> Charitable Giving
If you are thinking of making a gift to charity, this factsheet summarises how to make tax-effective gifts.

> Child Benefit Charge
The High Income Child Benefit charge applies to a taxpayer who has income over £50,000 in a tax year where either they or their partner, if they have one, are in receipt of Child Benefit for the year.

> Enterprise Investment Scheme
The purpose of the Enterprise Investment Scheme (EIS) is to help certain types of small higher-risk unquoted trading companies to raise capital. It does so by providing income tax and CGT reliefs for investors in qualifying shares in these companies.

> Venture Capital Trusts
Venture Capital Trusts (VCTs) are complementary to the Enterprise Investment Scheme (EIS), in that both are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies affected by the equity gap.

> Property Investment – Tax Aspects
Investment in property has been and continues to be a popular form of investment by many people. This factsheet summarises the main tax issues.

> Individual Savings Accounts
Successive governments, concerned at the relatively low level of savings in the UK economy have over the years introduced various means by which individuals can save through a tax-free environment.

> Property Investment – Buy to Let
In recent years, the stock market has had its ups and downs. Add to this the serious loss of public confidence in pension funds as a means of saving for the future and it is not surprising that investors have looked elsewhere.

> Personal Tax – Self Assessment
Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

> Personal Tax – When is Income Tax and Capital Gains Tax Payable?
The UK income tax system requires the payer of key sources of income to deduct tax at source which removes the need for many tax payers to submit a tax return or make additional payments.

> Non-Domiciled Individuals
This factsheet sets out the rules which deal with the taxation in the UK of income arising outside the UK, for non UK domiciled individuals.

> Seed Enterprise Investment Scheme
A junior version of EIS known as Seed Enterprise Investment Scheme (SEIS) has been introduced from 6 April 2012 and is expected to be available for five years.

> Statutory Residence Test
The concept of residence in the United Kingdom is fundamental to the determination of UK tax liability for any individual.