Personal tax

A number of changes relating to the way that tax credit overpayments are dealt with have come into force from 6 April 2016.

70% of grandparents are planning on leaving an inheritance to their grandchildren, while 55% will ring fence the money to ensure it is passed on, according to research by SunLife.

The 3% higher rate stamp duty land tax on second homes and buy-to-lets coming into effect 1 April 2016 could adversely impact parents buying jointly with their children to help them into the housing market.

Taxpayers will have difficulty understanding the tax-free savings allowance which is being introduced from 6 April 2016, according to the Low Incomes Tax Reform Group.

Peer-to-peer lending growth reached more than £2.2 billion in 2015, according to figures by Peer-to-Peer Finance Association.

Syndicate content