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Christmas parties: some good tax news!

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.

The impact of new energy and carbon reporting requirements on large unquoted companies, LLPs and quoted companies
Danielle Stewart OBE

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.

The inheritance tax consequences for US citizens living in the UK
Sophie St John

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.

Trustees in receipt of unexplained wealth orders
Sophie St John

03 September 2018

Unexplained wealth orders came into existence on 31 January 2018. They are a mechanism which is designed to confiscate the proceeds of crime by using civil, as opposed to criminal, powers.

Inheritance tax and spouses / civil partners with mixed domiciles – tax pitfalls
Sophie St John

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).

No such thing as a common law spouse?
Andrew Robins

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.

Mixed domicile marriages and civil partnerships – what does this mean for inheritance tax?
Sophie St John

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.

Hybrids and cash tax risk
Suze McDonald

20 October 2017

The new hybrid mismatch rules have been effective since 1 January 2017 to target what HMRC describes as ‘aggressive tax planning’. As with any new legislation, there is inevitably some question about how the law will operate.

A bit of a wind-up
Andrew Robins

20 October 2017

Higher tax charges on distributions from solvent liquidation where company’s activities are continued by shareholders.

The impact of 2016 changes to the pension annual allowance
Gary Heynes

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.

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