Due to the way the UK taxes individuals, families are taxed separately. This has important consequences for tax planning for specific circumstances.
Stamp Duty Land Tax is payable by purchasers in land transactions occurring in England, Wales and Northern Ireland, notifiable through an SDLT1 return.
As investment in property is considered to be a popular route to relatively secure capital gains and income returns, there are a number of long term tax factors to consider.
Although not as attractive as they once were, buy to let properties still offer a good medium to long term investment opportunity, providing the options are considered.
Further to the 2015 access to pension fund changes, the tax treatment on death was also changed, and could affect some traditional IHT planning.
Workplace pensions and Personal pensions are the two types of scheme from which individuals may eventually be in receipt of a pension.