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Tax Updates

Archive of: Inheritance Tax

Accountants & Tax Advisers Face Possibility of Tougher Penalties

Accountants and financial advisers who ‘enable’ tax avoidance could be fined up to 100 per cent of the tax avoided, under proposals announced by the UK Treasury. Read more…


Accountants & Tax Advisers Face Possibility of Tougher Penalties

General Election 2015 - What to expect in the next five years

The Conservatives surprise outright majority at the General Election means changes are on the horizon for almost every aspect of our personal finances, here are some headlines…


General Election 2015 - What to expect in the next five years

General Election 2015 - Still Undecided?

With the General Election just around the corner, we thought you might be interested in the attached ‘snapshot’ of each party’s main stated tax policies


General Election - Snapshot of each party

Inheritance Tax Rise To Be Brought In By The Back Door

Inheritance Tax is set for a rise after HM Revenue and Customs released proposals which could significantly increase the levy on trusts. The changes, intended for introduction in April 2015, will be applied to funds from 6 June this year. Read more…


Inheritance Tax rise to be brought in by the back door

Sweeter Tax Planning for 5 April 2014

We have put together some ‘sweet’ tax planning ideas that you might like to consider before the 5 April 2014. Only generic information is given in the document, where a suggestion is of interest to you, professional advice should be taken before implementing any ideas. Read more…


Year end planning 2014

Reforms to IHT Regime for Trusts

On 31 May 2013, HM Revenue and Customs (HMRC) published a further consultation on the Inheritance Tax (IHT) regime for trusts. This includes a number of proposals to “simplify” the regime, but as we have almost come to expect, there appear to be some rather nasty by-products of some of the proposals. Read more…


Reforms to IHT Regime for Trusts

Budget Summary 2013

The medicine has been delivered in the form of George Osbourne‘s fourth budget, but don‘t expect the patient, G.B. Plc, to jump right off the sick-bed. As widely expected, the chancellor was boxed in politically and only minor economic tweaks were delivered. There are, as always, some concerning tax changes being mooted but the details is not available at this time; we sincerely hope that this Government returns to proper consultation which leads to certainty and good legislation. Read more…


Budget Summary 2013

Specialty Debts and Situs Rules - Is This A Raid?

On 23rd January 2013 HMRC announced it has changed its view about the location of specialty debts. This announcement was made without consultation and was simply marked by a change in the wording at IHTM27079, their manuals. Read more…


Specialty Debts and Situs Rules - is this a raid?

Statutory Residence Test (SRT)

From 6th April 2013, a new Statutory Residence Test (SRT) will be in place, having application to individuals for Income Tax, Capital Gains Tax, Inheritance Tax and Corporation Tax but not for National Insurance. Read more…


Statutory Residence Test and Flowchart

General Anti-Avoidance Rule (GAAR)

As you know, we have been following the proposed introduction of a General Anti-Avoidance Rule (GAAR) with great interest. Budget 2010 set the tone for a ‘clampdown’ on tax avoidance and we are moving inexorably closer to the introduction of a ‘catch all’ piece if legislation. Read more…


General Anti-Avoidance Rule


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