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Royal baby news!

18 May 2019

RSM is not immune to the general public excitement about a new royal baby, but aside from speculating about gender, names and birthing methods, our minds have turned towards thinking about the tax status of the new seventh in line to the throne.

‘No safe havens’ – HMRC’s offshore tax avoidance strategy

24 April 2019

In March 2013, HMRC published a policy paper on offshore tax evasion, entitled ‘No safe havens’. The world today looks very different to 2013 and HMRC has published its updated policy accordingly, imaginatively rebranded as ‘No Safe Havens 2019’.

Taxing your home – proposed changes to ‘private residence relief’

24 April 2019

A consultation document was released on 1 April with the Government’s proposed changes to private residence relief (PRR) following announcements in the 2018 Budget. The changes affect periods during which a home owner was not living in the property, reducing the amount of tax relief currently available.

Cryptocurrency – how cryptic is its taxation?

09 March 2019

At its height in December 2017, bitcoin reached a value of over $19,000, only to then fall in value within a couple of months to under $7,400. At the time of writing, bitcoin is trading at a value of around $3,700. Given this volatility, many people have made substantial gains on cryptocurrencies such as bitcoin, while others have made significant losses.

The ‘loan charge’ – where do we stand?

09 March 2019

HMRC estimates that up to 50,000 individuals will become liable to pay income tax and National Insurance contributions on 5 April 2019 on outstanding loans related to employee and contractor ‘loan schemes’, involving employee benefit trusts and similar arrangements.

Personal tax property tweaks

29 October 2018

There have been a handful of announcements affecting taxing your home, some good, and some bad. These cover rental, sales, stamp duty and inheritances, but for most people the effects will be very limited.

Speciality debts - new HMRC policy statement
Andrew Robins

24 September 2018

HMRC have just published updated guidance on the subject of the situs of ‘specialty debts’. This is potentially important for any non-UK company or trust that is owed money and could have an inheritance tax impact for shareholders/settlors as well.

Do we need to reform stamp duty land tax again?

14 September 2018

Stamp duty land tax is paid on land transactions in England and Northern Ireland (Scotland and Wales have different provisions ). Recent years have seen a number of changes to SDLT as it applies to residential property, with the majority resulting in higher charges.

No such thing as a common law spouse?

20 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.

Prove it or lose it - wealth confiscation powers

15 March 2018

Anyone might think that London is awash with ‘dodgy’ money. But is this true? The UK government has not been particularly vocal about the measures it has put in place over the last few years to tackle ill-gotten gains being enjoyed in the UK, but there are many of them.

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