Weekly tax brief | 9 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.

Retirement destinations to manage inflation risk
Camilla Taylor
As inflation soars, many retirees may be concerned about the potential impact on their pension pots and income. Dreams of a sun-soaked shore could prove an attractive reality to those looking to hedge against inflation concerns as countries compete to attract UK expats to their shores with preferential tax regimes.

Increasing interest rates – the tax impact on savers and parents
Matthew Todd
Rising interest rates are, of course, good news for savers. However, savers may wish to refresh their understanding of the tax implications of receiving interest to ensure they maximise the benefit of available reliefs and allowances. Otherwise, parents with savings for their minor children may be in for a nasty surprise.

Crash test charity VAT appeal examines HMRC’s ‘new business/non-business’ policy
Sarah Halsted
A recent tribunal decision has raised a potential VAT recovery opportunity for charities and also thrown the spotlight onto inconsistencies in HMRC’s new approach to determining what is a business or a non-business activity by a charity for VAT purposes.

Tax impact of rising interest rates spells bad news for buy-to-let landlords
Adam Jefferies
With the combination of rising inflation and interest rates, what impact can we expect to see for landlords?

Inflationary times are a great prompt to undertake inheritance tax planning
Rachel de Souza
With inheritance tax receipts at record levels and property and other asset prices potentially set to increase due to inflation, now could be the ideal time to implement some inheritance tax planning whilst values are lower.

 

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