29 October 2018
Whilst there were rumours of tax rises for individual taxpayers, none of the expected increases took place. Pension tax relief remained, inheritance tax was unchanged and the main rate of capital gains tax didn’t increase. Instead, the personal allowance surprisingly increased to the promised £12,500 and the basic rate band was widened, both a year earlier. Some changes have been made to Entrepreneurs’ Relief, but the lifetime allowance and the ten per cent tax rate remains.
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.
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.
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).
15 June 2018
Inheritance tax (IHT), in its current form, has been largely unchanged since it was introduced in 1986. The tax take from IHT is on the rise, largely as a result of property prices, but the freezing of reliefs and allowances has also had an impact, resulting in a doubling of the tax take over the past seven years to reach close to £5bn per annum.
15 June 2018
HMRC announced its offshore evasion strategy, the aptly named ‘no safe havens’, back in 2013 and since then it has been making this policy a reality. We are now ready to see its full force taking effect.
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.
20 April 2018
As we start another tax year, it is worth reviewing the tax reliefs and allowances you are entitled to, which have been refreshed and, in some cases, changed. There are now many reliefs and allowances for different types of income but, depending on what type of income is received, a liability to tax could now arise due to changes in the annual tax allowances for particular income categories.
04 April 2018
Not only is most residential property now fully within the charge to inheritance tax, without careful planning tax charges can arise more than once and on loans and guarantees connected with the property.