Likewise, those not already registered for self-assessment and with capital gains below the annual exemption need not trouble HMRC, however, with an exemption at £6,000 (not seen since 1995-96) those with gains above this amount will be obliged to report the disposal to HMRC. Whether they need to report their situation to HMRC due to dividends or capital gains (or both), and irrespective of the extra income tax/ CGT these individuals will have to pay after 2023, it's perfectly possible that many people won’t be aware of their newly imposed compliance obligations. The increase in the energy windfall tax is likely to be a politically expedient move, given the concern of the energy and cost-of-living crisis. In addition, it is likely to raise over £40 billion over the six-year window, with the new electricity generator levy raising a further £14 billion - going some considerable way to closing the country’s eye-watering debts. If you have any questions about the content in this article, please contact Andrew Waddell at Winslows Tax Law.
Click to connect with Andrew on LinkedIn
andrew@winslows.co.uk
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