Weekly tax brief | 23 August 2022

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues.

Inducement to accept changes to pension scheme judged not to be earnings from employment
Jackie Hall
It has generally been accepted that payments made to employees, to encourage them to agree to changes to terms and conditions of employment, including changes to pension rights, may be taxed as employment income. But a recent tribunal case has muddied the waters potentially in favour of the taxpayer.

Is a housing crash imminent? Executors should consider inheritance tax asset loss reliefs
Eugenia Campbell
The increasing rate of inheritance tax (IHT) receipts has been blamed on rising property prices and inflationary increases in other asset classes. With forecasts of a recession and a property slump, executors should be alert to IHT asset loss reliefs.     

Are you ready for the looming trust registration deadline?
Stephanie Court
With just one week left to register a trust with HMRC by 1 September, or risk a penalty, many people are now finding themselves dusting off long forgotten policies that are not excluded from the registration requirements and need to act fast.

Rise of the freeport – are they the answer to reviving the economy?
Peter Reynolds
With the Conservative leadership contest closing in on the finishing line – both candidates are pledging to stimulate growth, with measures potentially confirmed in September. Both candidates are advocates of freeports and we could see announcements focused on them. What are they and are they the answer? 

Little-known tax relief provides a surprising cost to the Treasury
Chris Etherington
HMRC have published revised statistics on a property stamp tax relief known as ‘multiple dwellings relief’, with the actual cost to the Exchequer over ten times higher than previously estimated for recent years. The tax relief is often claimed by purchasers of property portfolios sold by buy-to-let landlords, but has also been the subject of abuse by rogue advisers making spurious claims.

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