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On the tenth day of Christmas.....

On the tenth day of Christmas my tax love sent to me:

A notelet about the introduction of the new SDLT surcharge on residential property which is to be payable by non-UK resident purchasers on transactions with an effective date from 1 April 2021. Presumably to compensate for yesterday’s news on SDLT.

 - A missive explaining that the SDLT threshold relief which increased the starting threshold of residential SDLT from £125,000 to £500,000 from the 8 July 2020 expire on 31 March 2021

- A “billet doux” notifying me that the Spring Budget will be on 3rd March 2021.

 - A message about the DAC6 reporting deadline being 28th February 2021 (although I suspect this should really have been a “note to self” rather than a “top tip” for me….)

- A reminder that I need to update the Trust Register entry by 31 January 2021 even though I might just have to make a “no change” declaration.

 - A memo reminding me that I need to think about using FIVE Tax allowances before the end of the tax year in April (i) my inheritance tax annual exemption for this year of £3000,(ii) my unused inheritance tax annual exemption of £3000 from last year which I can bring forward, (iii) my £250 small gifts exemption if I had any left over, after making cash Christmas presents, (iv) to make gifts on the occasion of marriage if anyone is allowed to get married next year, and (v) my annual capital gains tax allowance, in case it is abolished following a recommendation by the Wealth Tax Commission.

- A note HMRC are not going to relax the 31st January 2021 as the self-assessment tax payment deadline

 - A suggestion to keep a very careful note of my day count and which tier I was locked down in over Christmas in case HMRC further extends the “exceptional circumstances” reprieve for those reliant on the Statutory Residence Test as it did between 31 March and 1 June.

- A reminder that 30 December 2020 is the deadline for the submission of online self-assessment tax returns if underpayments are to be collected by a PAYE coding adjustment.

And a promise to provide me with top tax tips for the next 2 days…..


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