Katie Hawksley finds that Rogge v HMRCC summarises how the settlor-interested rules work in the UK and offshore ‘The judgment touched on the interaction between a settlor’s liability to income tax and that of the trustees (and the complications which can arise as a result), raising some interesting points for private client practitioners to bear …
Continue reading "Tax: Justice and reason?"
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James Radcliffe explains how Pawson has changed tax treatment for furnished holiday lettings ‘Whether or not accommodation is qualifying holiday accommodation under the FHL rules is not a determining factor in assessing the availability of business property relief (BPR) for the purposes of inheritance tax.’ The taxation of furnished holding letting accommodation (FHLs) has evolved …
Continue reading "Tax: Pause for thought?"
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Peter Nellist gives the lowdown on the most tax-efficient ways of dealing with chattels ‘Household goods and personal chattels have a precise and wide legal definition, which will cover almost everything found in any home.’ The Antiques Trade Gazette usually has a good array of reports on items that have sold for significantly more than …
Continue reading "Tax: Chattel be the day ?"
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Dawn Register and Fiona Fernie outline tax investigation issues relevant to family cases ‘HMRC is now wielding the stick more publicly in the shape of much higher penalties, the “naming and shaming” of tax evaders, and the closer monitoring of known tax evaders.’Often in the midst of a divorce case it can come to light …
Continue reading "Tax: Taxing issues"
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Wills & Trusts Law Reports | November 2011 #114Christopher Swain (C) built up a very successful business and held 72% of the shares in a group of companies in which each of his four daughters also held 5.3% of the shares. He was advised by a small firm of chartered accountants who prepared tax returns for him, the company and the family trusts and at times for each of his daughters and by a small firm of solicitors who prepared his will, dated 17 January 2006. C decided to sell his company to the management and to use Mills & Reeve, a large full-service law firm (the firm) to advise him and his daughters on the MBO. In June 2006 ...
Karen Eckstein and Frances Bailey highlight the impact of tax planning on financial provision ‘Even with expert evidence making assumptions in relation to contingent assets is a risky strategy to take, as demonstrated by Judge v Judge [2008].’The saying is that there are only two certainties in life: death and taxes; save that in fact …
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New HMRC rules could be used by employers as a negotiating tool when making payments to departing executives, reports Ann Casey ‘Employers may now find that it is simpler to make a taxable termination payment before issuing the P45 (especially if there are share-related payments as well).’ On 6 April 2011, the Income Tax (Pay …
Continue reading "Tax: PAYE changes to termination payments"
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Helen Ratcliffe examines Taube, which concerns the classification of corporate receipts and discovery principles ‘Most classification difficulties about receipts in trusts are concerned with distributions from companies. This stems from the fact that the cases have applied company law rules that govern the position of the company, its creditors and shareholders rather than considering the …
Continue reading "Tax: A hardy perennial"
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Zahra Kanani charts recent developments in tax policy ‘Each set of rules (for the First-tier Tribunal and the Upper Tribunal) are governed by an overriding objective to enable the tribunals to deal with cases “fairly and justly”.’The purpose of this article is to provide an update to some of the key points raised in Smith …
Continue reading "Tax: Current state of play"
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