The stock market has nose-dived, which could well mean a bonanza for children and grandchildren who may benefit from the generosity of other family members.
For current or recently former executors, there are rules that could be helpful in either reducing the inheritance tax due or reclaiming tax to give more funds to legatees and beneficiaries of estates.
If the Government decides to help airlines after coronavirus, there is a golden opportunity to impose tough new conditions to help meet the UK’s net-zero carbon commitment.
While it is too early to predict what the UK tax system will look like after the coronavirus has passed, one thing is clear: much more tax will be paid by fewer companies and individuals. If temporary tax measures are required to achieve this, we strongly recommend that they have sunset clauses, limiting their imposition to a defined term of years.
The UK shadow economy might be worth anything up to £150 billion. Traders who have chosen to live and work outside the tax system discover that their erstwhile 'tax freedom' comes with the penalty of no Government support now.
HMRC is to extend the soft-landing period granted under Making Tax Digital for VAT, giving businesses until April 2021 to ensure a clear digital audit trail is in place throughout their VAT return process.
The Government has announced a number of temporary measures to help people and businesses through the period of disruption caused by coronavirus. But how are these incentives treated for tax purposes and will any have a sting in their tail?
Whilst the Chancellor Rishi Sunak has announced unprecedented financial support for employees and the self-employed, there remains a noticeable gap in the coronavirus support measures. Is it a deliberate omission or the product of problem solving in an overly complex tax system?
Businesses and individuals are struggling to cope with the coronavirus crisis, but for HMRC’s schedule of consultations on tax law it’s ‘business as usual’. We urge HMRC to concentrate only on the consultations which are both urgent and important, leaving the rest until after the crisis has passed.