The rate of Capital Gains Tax (CGT) for Investors’ Relief will rise from 10% to 14% for disposals made on or after 6 April 2025. It will then increase further to 18% for disposals made on or after 6 April 2026. Additionally, the lifetime limit for Investors' Relief has been reduced from £10 million to £1 million for qualifying disposals occurring on or after 30 October 2024.

Investors’ Relief reduces the amount of CGT on a disposal of shares in a trading company that is not listed on a stock exchange.

To qualify for Investors’ Relief, you will need to subscribe for shares that meet the relevant qualifying conditions throughout the period you have owned them and that you have owned them for at least 3 years. The main conditions that must be met are:

• they are ordinary shares in the company;
• you subscribed for them in cash, and they were fully paid up when issued;
• the company is a trading company or the holding company of a trading group;
• none of the company’s shares are listed on a stock exchange; and
• neither you nor any person connected with you is an employee of the company or of a company connected with it.

A claim should be made by the first anniversary of the 31 January following the end of the tax year in which the qualifying disposal takes place. For a qualifying share disposal in the current 2024-25 tax year (ending on 5 April 2025) a claim for Investors’ Relief must be made by 31 January 2027. A claim to Investors’ Relief may be amended or revoked within the time limit for making a claim.

To calculate your Council Tax, you need to know the following:

• The valuation band of your property in England, Wales, or Scotland
• The amount your local council charges for that band
• Whether you qualify for a discount or exemption from the full bill

If you are on a low income or receive benefits, you may be eligible for Council Tax Reduction (formerly known as Council Tax Benefit).

Your property may be put in a different band in some circumstances, for example if:

• you demolish part of your property and do not rebuild it;
• you alter your property to create 2 or more self-contained units, for example an annexe – each unit will have its own band;
• you split a single property into self-contained flats;
• you convert flats into a single property;
• you start or stop working from home;
• the previous owner made changes to your property;
• there are significant changes to your local area, like a new road being built; or
• a similar property in your area has its Council Tax band changed.

A full Council Tax bill is based on at least two adults living in a home. Spouses and partners who live together are jointly responsible for paying the bill.

Certain people are not counted (‘disregarded’) when working out how many people live in a property. Your Council Tax bill may be reduced if there are disregarded people living in your property. There are also discounts that may be available for households where everyone is a full-time student or if someone living in the property is disabled.

If you think you have overpaid your Council Tax bill you need to contact your local council to discuss a refund.

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortisation. It's a widely used financial metric that provides a measure of a company's operating performance, excluding the effects of financing, accounting, and tax decisions. By focusing on earnings from core operations, EBITDA offers a clearer view of a company’s profitability and cash-generating potential.

Why is EBITDA Useful?

1. Standardisation for Comparisons:
   It allows analysts and investors to compare companies across industries or regions without accounting for differences in financing (interest), tax environments, and accounting practices (depreciation and amortisation).
2. Focus on Operations:
   Excluding non-operational expenses like interest or tax, EBITDA highlights the efficiency and profitability of the core business.
3. Cash Flow Proxy:
   Although not an exact measure of cash flow, EBITDA approximates the cash a business generates before paying off capital expenses, taxes, or interest.

Advantages of EBITDA

1. Simplifies Analysis:
   EBITDA ignores factors like tax policies or depreciation schedules that vary by country or industry, making it easier to compare profitability.
2. Evaluating Acquisition Targets:
   Often used in mergers and acquisitions to assess a company’s ability to generate cash and service debt.
3. Non-Cash Adjustments:
   It eliminates the impact of non-cash charges (depreciation and amortisation), focusing on actual operational results.

Limitations of EBITDA

1. Excludes Key Costs:
   By ignoring interest, taxes, and capital expenses, EBITDA can give an inflated sense of profitability, especially for capital-intensive businesses.
2. Not a Cash Flow Substitute:
   While it’s a useful proxy, EBITDA doesn't reflect changes in working capital, capital expenditures, or actual cash flows.
3. Potential for Misuse:
   Some companies may over emphasise EBITDA to mask issues like high debt levels or significant tax liabilities.

According to the Office for National Statistics as of October 2024, the primary concerns among individuals in the UK are:

1. National Health Service (NHS): 85% of adults identified the NHS as a significant issue, reflecting widespread apprehension about healthcare services.
2. Cost of Living: 84% of respondents highlighted the cost of living as a major concern, indicating ongoing financial pressures on households.
3. Economy: 69% of individuals expressed concerns about the economy, underscoring unease regarding economic stability and growth.
4. Crime: 60% of adults reported crime as a pressing issue, pointing to fears about safety and security.
5. Immigration: 58% of respondents viewed immigration as an important issue, reflecting debates over immigration policies and their societal impacts.
6. Housing: 58% of individuals identified housing as a significant concern, highlighting challenges related to housing affordability and availability.

These findings are based on data collected by the Office for National Statistics (ONS) between 2 and 27 October 2024.

Additionally, a Statista survey from October 2024 reported that 50% of UK respondents considered the economy one of the main issues facing the country, emphasizing the prominence of economic concerns.

A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such as land, money and shares and which form part of the trust. The person who places assets into a trust is known as a settlor and the trust is for the benefit of one or more ‘beneficiaries’. The trustees make decisions about how the assets in the trust are to be managed, transferred or held back for the future use of the beneficiaries.

IHT planning can involve the careful use of trusts. There are a number of types of trusts which are subject to different tax rules. The main types to be aware of are bare trusts, discretionary trusts, interest in possession trusts and mixed trusts.

A discretionary trust is a type of trust where the trustees have some authority to decide how to distribute income and capital among the beneficiaries. Unlike fixed trusts, where beneficiaries have a set entitlement, discretionary trusts allow trustees to exercise their discretion based on various factors, such as the trust deed, the beneficiaries' needs and circumstances. Trustees must act in the best interest of the beneficiaries and follow the terms of the trust deed

Discretionary trusts are sometimes set up to put assets aside for:

• a future need, like a grandchild who may need more financial help than other beneficiaries at some point in their life; or
• beneficiaries who are not capable or responsible enough to deal with money themselves.