23 November 2020
This year employers planning to have Christmas parties are largely looking at virtual events. The conventional Christmas party normally benefits from tax exemption, where up to £150 per head for one annual event for employees is allowed as a tax-free benefit in kind. There was a question whether a virtual event would still qualify for this exemption.
21 May 2019
New carbon and energy reporting requirements have been introduced for large unquoted companies, LLPs and quoted companies, effective for financial periods beginning on or after 1 April 2019.
20 February 2019
A US citizen living in the UK could find they are caught by the UK inheritance tax regime and the US estate and gift tax rules. The interaction of these rules and the application of the UK / US estate and gift tax treaty is complicated and may have some unexpected consequences.
20 June 2018
Many spouses and civil partners are under the impression that anything they gift to the other, whether during their lifetime or on death, is fully exempt from inheritance tax (IHT). However, there is an anomaly which can have serious IHT consequences for some couples (spouses and civil partners are referred to as ‘married couples’ and ‘spouses’ below for brevity).
19 April 2018
According to the Office for National Statistics report: Families and Households: 2017, one in five couples living together in 2017 were not married or in a civil partnership. In total, around 3.3 million couples cohabit, more than double the 1.5 million number from 10 years ago. Of these couples, around 40 per cent have dependent children.
05 February 2018
Many spouses and civil partners are under the impression that anything they give to each other is fully exempt from inheritance tax. This isn’t always the case if you’re a mixed domiciled couple.
20 October 2017
From 6 April 2016, the amount that can be contributed into an approved pension scheme each year (ie the annual allowance) for tax relief purposes has been reduced from £40,000 to just £10,000 for individuals whose ‘threshold income’ exceeds £110,000 and ‘adjusted income’ is more than £210,000 per tax year.