Scottish Child Payment

The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants living in Scotland for children under the age of 16. The Scottish Child Payment was launched in February 2021, initially for children...

Exempt transfers between siblings

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount...

Tax Diary February/March 2023

1 February 2023 – Due date for corporation tax payable for the year ended 30 April 2022. 19 February 2023 – PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax electronically the due date is 22 February 2023) 19 February 2023...

A definition of trusts

HMRC’s internal manuals states that the word `trust’ describes a relationship between certain persons which is recognised by the law; concerned with particular property; and enforceable by reference to rules of trust law. Effectively, a trust is an...