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01/03/2026

March Tax Tips & News

Welcome to the Andrews & Brown Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Spring Statement 2026
The Spring Statement (March 03, 2026) speech was hoped to be "low drama" after the controversy surrounding last year's one and the Autumn Budget. Experts have called for stability, for example PensionBee says savers need clarity and consistency because r Read More...
 
HMRC issues Making Tax Digital reminder to workersHMRC issuing pensioners with new tax codes for winter fuel repayments
From 6 April 2026, self-employed workers and landlords earning over £50,000 in gross income will need to keep digital tax records throughout the year..
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Some state pensioners will receive updated PAYE tax codes. This is to recover winter fuel payments from those whose total income exceeded £35,000 in the 2025-26 tax year...
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High earners actively avoiding crossing the £100k income thresholdHMRC is increasing tax investigations
According to the Chartered Management Institute, 43% of managers say they or their employees have taken steps to keep income below £100k...
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HMRC is intensifying checks on individuals and small businesses. Many investigations begin because of avoidable mistakes that trigger automated red flags...
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March Questions and AnswersMarch Key Dates

Newsletter issue – March 2026

Q: Are Premium Bonds a tax efficient way of saving?

A:

Premium Bond prizes are always tax-free, including large wins such as £100,000 or £1 million.

This makes them appealing for people who have already used tax-free allowances like ISAs or the personal savings allowance.

However, you would need to invest £10,000 to earn the average 3% rate of return. As most prizes are small, big wins are rare, and you could have bad luck and win nothing.

Please get in touch with us to discuss tax efficient ways of investing your money.

Q: My father paid capital gains tax when selling our family home despite not living there (he still paid the mortgage). Shouldn't the sale have been covered by his private residence relief?

A:Capital Gains Tax (CGT) on the sale of a property is based on legal ownership and actual occupation. In order to qualify for private residence relief (PRR), your father would need to be the registered owner of the property and have lived there as his main residence for the entire period of ownership.

PRR is not based on the family continuing to live there. Once he moved out and no longer occupied the home as his main residence, your father's eligibility for relief stopped. It would be considered as a second property for the purposes of his CGT calculation.

Q: I've used up my ISA allowance - is it worth putting money into a CITR savings account?

A: There are 33 account providers accredited to use Community Investment Tax Relief (CITR), mostly offering investment opportunities but one does offer a savings account.

Your deposited money would be used to support charities and social enterprises and would be locked away for several years before you can make any withdrawals.

Whilst the interest earned is very low (and is taxable), and could possibly be zero depending on movements in the Bank of England base rate, this account offers a tax relief of 5% on three quarters of the money you put in. You must claim this through a self-assessment tax return.

Depending on how much you have to deposit and how readily you might need access to it, it may be better to put your cash into a regular savings account and pay the tax on the interest. This CITR account only really comes into its own if you have a large sum to save.

Please get in touch to discuss your options with us.

1st: Corporation Tax payments are due for companies with a year-end of 30th May
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