Tax and Financial Planning News

Tax Net to Loosen for Trusts, Tighten for Offshore AffairsJanuary 22, 2018

In the recent Budget, the Government committed itself to a review of the operation of trust taxation in the UK. Since reforms were introduced in 2006...

Minor Drafting Error Corrected – £1 Million SavedJanuary 10, 2018

Under Inheritance Tax (IHT) law, certain types of trust have a ten-yearly charge to IHT on the value of the trust assets. The legislation, which...

Planning to Participate in a Tax Avoidance Scheme? Read This First!December 21, 2017

Anyone tempted to participate in a tax avoidance scheme would be wise to take note of one case in which a businessman complained in vain...

HMRC Fail in IHT Challenge on LiveryDecember 7, 2017

HM Revenue and Customs (HMRC) have challenged a number of property-based trading businesses, seeking to deprive them of the Inheritance Tax (IHT) and Capital Gains...

HMRC Aren’t Always RightNovember 9, 2017

According to the Government's GOV.UK website, if you are a company director, you have to file a tax return every year. It says that every...

HMRC’s Tough Approach to Penalty Rejected by TribunalAugust 8, 2017

Just how tough HM Revenue and Customs (HMRC) can be was illustrated by a recent case in which they imposed a penalty of £1,300 for...

HMRC Provide Calculator for New IHT ReliefJuly 23, 2017

Like many pieces of tax legislation, the 'additional threshold' (AT) for Inheritance Tax (IHT) – which, in simple terms, limits the potential IHT charge on...

HMRC Provide Calculator for New IHT ReliefJuly 23, 2017

Like many pieces of tax legislation, the 'additional threshold' (AT) for Inheritance Tax (IHT) – which, in simple terms, limits the potential IHT charge on...

Your Right to Claim Tax Relief on Losses Dies With YouJuly 9, 2017

You can claim tax relief if assets that you have acquired become worthless or loans that you have advanced prove to be irrecoverable. However, in...

Your Right to Claim Tax Relief on Losses Dies With YouJuly 9, 2017

You can claim tax relief if assets that you have acquired become worthless or loans that you have advanced prove to be irrecoverable. However, in...

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