We all know that 6 April is the date on which the new tax year starts. Changes to the tax system come about through the Chancellor’s budget and the subsequent Finance Act which is passed each year to implement the initiatives in the budget. For example, in the Finance Act 2019, there are changes to the amount that can be earned before income tax is payable, and everyone operating a payroll system will have to make the necessary adjustments.
Lawyers advising private individuals also need to ensure that they are up to date with new initiatives. Conveyancers will need to advise clients of the increase in stamp duty for buying a house that they won’t be living in as their primary dwelling. Law firms acting for executors winding up the affairs of parents or relatives on their death will need to apply the new rates and criteria to advise on inheritance tax payable.
Changes to the tax system is only one of the things that makes working in the law dynamic. Judgments in court cases and new legislation coming out of Parliament are constantly shaping our laws.
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