From the 1st July 2014, the annual NISA (known as an ISA up to 30th June 2014) contribution limit increases to £15,000. At the same time, the annual contribution limit to a JISA increases to £4,000. (more…)
The Treasury has been consulting with financial services companies about the possibility of a cap on the amount that can be held in ISAs according to reports in one national newspaper. A figure of £100,000 was allegedly suggested by one Treasury official. There have been no denials from the Treasury, which has said it was just listening, not putting forward any firm proposals.
Lexington found that few people had heard of the K2 tax avoidance scheme until it was linked to various wealthy individuals.
K2 is an offshore arrangement that can reduce an individual’s income tax liabilities to as little as 1%, according to its promoters. HMRC is now investigating K2 in depth and the Government has promised a more general crackdown on tax avoidance.
Following our series last week summarising the highlights from the 2013 budget we thought we would share some quite staggering statistics. Did you know that each year UK tax payers unnecessarily pay away billions in taxation, simply by not taking the right advice, or action, to mitigate the amount of tax they pay?
