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Highlighting capital gains tax and inheritance tax.
The capital gains tax annual exempt amount will be reduced from £6,000 to £3,000 from April 2024.
Comment It is estimated that around 570,000 individuals and trusts could be affected in 2024/25.
It is estimated that around 570,000 individuals and trusts could be affected in 2024/25.
The inheritance tax nil-rate bands will stay fixed at their current levels until April 2028. The nil-rate band will continue at £325,000, the residence nil-rate band will continue at £175,000 and the residence nil-rate band taper will continue to start at £2 million.
HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home.
Figures have shown that UK borrowing over the last financial year was £7.6 billion lower when compared to the year before.
Data published by HMRC has revealed that inheritance tax (IHT) receipts rose to a record high of £7.5 billion in the 2023/24 tax year.