News

Cryptoasset investors should keep up-to-date records to ensure they pay the right amount of tax, the Chartered Institute of Taxation (CIOT) and its Low Incomes Tax Reform Group (LITRG) have warned.

The Chartered Institute of Taxation (CIOT) has announced its new team for 2024-25. Current CIOT Deputy President Charlotte Barbour will become the new President, with Nichola Ross Martin as Deputy President and Paul Aplin as Vice-President.

The start of the 2024/25 tax year tomorrow (6 April) will mean further income tax divergence for Scottish taxpayers, however UK-wide National Insurance changes will mean an increase in the take home pay of Scots earning up to £112,900 compared with the tax year about to end.

The Chartered Institute of Taxation (CIOT) and its Low Incomes Tax Reform Group (LITRG) have welcomed today’s announcement by HMRC that they will be putting planned helpline closures on hold while they consider how best to help taxpayers harness online services.

The Chartered Institute of Taxation (CIOT) has strongly criticised the announcement by HM Revenue and Customs (HMRC) of big, permanent cuts to their taxpayer telephone helplines.

The Low Incomes Tax Reform Group (LITRG) has responded with disappointment to the announcement1 that HMRC are to permanently close their self assessment helpline for six months of the year and reduce access to the line at other times of the year.

The Low Incomes Tax Reform Group (LITRG) has said today’s Budget decision to increase the high income child benefit charge threshold to £60,000 from April 2024 will bring the scope of the charge closer to the original policy intent, but has cautioned that the plan for the tax charge to be based on joint household incomes by April 2026 may be complex, costly and difficult to achieve.

The Chartered Institute of Taxation (CIOT) has commented on the Chancellor’s decision to reduce employee National Insurance by 2p from April.

The Chancellor has announced that the government will abolish the current non-dom system, replacing the domicile concept with a ‘modern residency based system’ from April 2025.

The Chartered Institute of Taxation (CIOT) has commented on a number of changes to property taxes announced today.