Gift Aid meaning

In this issue: Probate Elderly and vulnerable clients Spouses, civil partners and cohabitants UK taxes for Private Client HMRC Manuals updates Budgets and Finance Bills Digital assets and cryptoassets International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate Court Funds Office reduces special and basic accounts interest rate Effective 12 June 2024, the Court Funds Office lowered interest across special and basic accounts. Rates on special accounts shifted from 6.00% to 5.25%, while basic accounts dropped from 5.00% to 3.94%. See LNB News 16/07/2024 55. For a roundup of key rates relevant to Private Client work, refer to Practice Note: Key interest rates—Private Client. Elderly and vulnerable clients Discrimination challenge over social care charging policy (R (YVR (a...

In this issue: Budgets and Finance Bills Taxes management and litigation Business structures Anti-avoidance Employment taxes Devolution International Individuals and income tax Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budgets and Finance Bills National Insurance Contributions (Employer Pensions Contributions) Bill in the House of Lords The National Insurance Contributions (Employer Pensions Contributions) Bill has passed through the House of Commons and is now being scrutinised by the House of Lords. See: LNB News 23/01/2026 8. Further changes to Finance Bill 2026; Public Bill Committee timetable On 23 January 2026, the UK government introduced additional amendments to Finance Bill 2026 (FB 2026) for the Public Bill Committee to examine: clause 13 (enterprise management incentives) and clause 225 (tax adviser registration). The Committee has also released its schedule, with proceedings due to conclude no later than 26 February 2026. See: Tax—Finance...

In this issue: Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Regulatory compliance for Private Client Budgets and Finance Bills Charity and philanthropy Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Useful information Probate The court’s approach to kin inquiries, genealogy and forensic DNA testing (Dorant v Dorant) In Dorant v Dorant, the court was required to identify the persons entitled to participate in an intestate estate of c.£2.75m where the deceased died unmarried, left no issue, and his parents had already died. Prior to this, the authors were unaware of any reported kin inquiry for about a century. The matter therefore offered a rare chance for the...

This Practice Note outlines the key rules for taxing income, capital gains, lifetime gifts and estates on death (inheritance tax), together with stamp duty land tax, on the basis of an individual who is UK-resident and domiciled. As tax legislation is frequently amended, this note is not, and must not be, treated as a replacement for specific professional advice where required. Income tax Individuals are charged to income tax on their overall income, with distinct regimes applying to different income streams and to qualifying outgoings that can be set against that income. The main categories of income include: pay from employment, or profits from a trade, profession or vocation (on which national insurance contributions are also due) rents from furnished or unfurnished property or land interest and dividend receipts overseas income (which may already have suffered foreign tax) A personal allowance is deducted from an individual’s total income before calculating the tax, provided their annual income (after deductions for...

For the income tax rates and allowances that apply in the current tax year, refer to Practice Note: Key UK tax rates, thresholds and allowances for Private Client. Personal allowances The following income tax allowances are available to individuals: personal allowance transferable personal allowance blind person’s allowance married couple’s allowance personal savings allowance dividend allowance property income allowance trading income allowance The personal allowance, blind person’s allowance, personal savings allowance, dividend allowance, property income allowance and trading income allowance are all deducted from net income to determine the taxpayer’s taxable income. This ensures that a portion of income is tax-free each year. The married couple’s allowance (which includes civil partners) is delivered as a 10% reduction in tax. In specified circumstances, the personal allowance, the blind person’s allowance and the married couple’s allowance can be transferred to the taxpayer’s spouse or civil partner. The personal allowance The level of personal allowance depends...

The principal legislation defining relief for company charitable donations sits squarely within Part 6 of the Corporation Tax Act 2010 (CTA 2010). There are five core routes for a company to give to charity, namely the following options generally available: making donations of money donating equipment and trading stock items donating land, property and shares temporarily seconding employees sponsoring a charity Donating money A limited company that is not itself a charity can legitimately reduce its corporation tax when it gives money directly to a charity or Community Amateur Sports Club (CASC). The amount gifted is ordinarily deducted from total business profits before tax. However, you cannot deduct the following: loans that will be repaid by the charity payments made on condition the charity will buy property from the company or anyone connected with it a distribution of company profits (e.g. dividends) Any benefits received by the company in return...