{"id":241,"date":"2026-07-14T13:31:21","date_gmt":"2026-07-14T13:31:21","guid":{"rendered":"https:\/\/myinformernews.com\/uk\/?p=241"},"modified":"2026-07-27T09:01:13","modified_gmt":"2026-07-27T09:01:13","slug":"uk-tax-update","status":"publish","type":"post","link":"https:\/\/myinformernews.com\/uk\/uk-tax-update\/","title":{"rendered":"UK Tax Update 2026: Capital Gains Tax Relief, Inheritance Tax Changes &amp; Digital Carnets Explained"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Major UK Tax Changes 2026: What You Need to Know, June 2026 brought significant changes to UK tax law, affecting capital gains, inheritance, and business gifts. If you own investment property, receive inheritances, or run a small business in the UK, these changes directly impact your tax liability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Capital Gains Tax Relief for Business Assets<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What Changed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Relief when gifting business assets to heirs or successors<\/li>\n\n\n\n<li>Exemption from Capital Gains Tax (CGT) on transfers<\/li>\n\n\n\n<li>Applies to business property, equipment, and eligible assets<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Who Benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Small business owners planning succession<\/li>\n\n\n\n<li>Family business transfers<\/li>\n\n\n\n<li>Owner-operators selling to employees<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Amount of Relief:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Exemption from CGT on lifetime gifts of qualifying business assets<\/li>\n\n\n\n<li>Both donor and recipient benefit from tax deferral<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Inheritance Tax Reforms 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">New Inheritance Tax Thresholds:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Frozen at \u00a3325,000 (no increase for 2026)<\/li>\n\n\n\n<li>Affects estate planning for high-net-worth individuals<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Changes to Gifting Rules:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Annual exemption remains \u00a33,000<\/li>\n\n\n\n<li>Seven-year gifts still excluded from estate<\/li>\n\n\n\n<li>Planning windows narrows for large gifts<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Impact on Planning:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trusts may need restructuring<\/li>\n\n\n\n<li>Timing of major gifts becomes critical<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Step-by-Step: Tax Planning for Business Assets<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Step 1: Identify Qualifying Business Assets<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Business property owned personally<\/li>\n\n\n\n<li>Equipment and machinery<\/li>\n\n\n\n<li>Business goodwill and intellectual property<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Step 2: Document Asset Values<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Professional valuations (recommended)<\/li>\n\n\n\n<li>Historical purchase records<\/li>\n\n\n\n<li>Improvement receipts and records<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Step 3: Plan Transfer Timing<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consider lifetime vs. testamentary gifts<\/li>\n\n\n\n<li>Evaluate tax treaty implications<\/li>\n\n\n\n<li>Consult accountant on timing<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Step 4: File Appropriate Tax Forms<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Report capital gains\/losses<\/li>\n\n\n\n<li>File inheritance tax returns (IHT400) if applicable<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Digital Carnet System for UK Businesses<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What It Is:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Digital version of traditional Carnet (ATA Carnet)<\/li>\n\n\n\n<li>Enables temporary import\/export of goods without duties<\/li>\n\n\n\n<li>Applies to exhibitions, samples, equipment<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">How It Works:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>HMRC processes applications online<\/li>\n\n\n\n<li>Faster approval than paper versions<\/li>\n\n\n\n<li>Reduced documentation requirements<\/li>\n\n\n\n<li>Applies to EU and non-EU countries<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Who Needs It:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Exhibitors at trade shows<\/li>\n\n\n\n<li>Equipment rental companies<\/li>\n\n\n\n<li>Traveling performers with instruments<\/li>\n\n\n\n<li>Manufacturing sample suppliers<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Q: Do these changes affect US expatriates in the UK?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A: Yes. US citizens must file both US and UK taxes. Consult a cross-border tax specialist.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Q: Can I still pass my business to my children tax-free?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A: Possibly, using the new Capital Gains Tax relief. Professional advice essential.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Q: What&#8217;s the deadline for planning inheritance matters?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A: No specific deadline, but earlier planning maximizes options.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Q: How do Digital Carnets reduce costs?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A: Eliminated paper processing, faster approval, less admin = lower costs and time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major UK Tax Changes 2026: What You Need to Know, June 2026 brought significant changes to UK tax law, affecting capital gains, inheritance, and business gifts. If you own investment property, receive inheritances, or run a small business in the UK, these changes directly impact your tax liability. Capital Gains Tax Relief for Business Assets [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":2,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/posts\/241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/comments?post=241"}],"version-history":[{"count":1,"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/posts\/241\/revisions"}],"predecessor-version":[{"id":243,"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/posts\/241\/revisions\/243"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/media\/242"}],"wp:attachment":[{"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/media?parent=241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/categories?post=241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myinformernews.com\/uk\/wp-json\/wp\/v2\/tags?post=241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}