There are important changes to the conditions that apply in order for a taxpayer to claim Entrepreneur’s Relief (ER) on disposal of their shares in their personal company.
Trusts have been used as effective inheritance tax planning tools for generations. It is beneficial to consider the current landscape for using trusts and the available options that worthwhile considering for tax planning purposes.
An FIC can be used as an alternative to a family trust or individual ownership and is an effective consideration for inheritance tax planning purposes.
The definition of employee versus self-employed is an age old debate. How has the government and HMRC begun to respond to these changes?
This article focuses on the developments in case law relating to serviced accommodation and holiday lettings however there have been similar principles established for BPR claims for farming and estates businesses.
New provisions have allowed offshore assets to be ‘rebased’ from 5 April 2017. Certain individuals can segregate mixed funds in order to separate out non-taxable clean capital from other sources. This allows certain individuals, who have previously claimed the remittance basis, to remit this clean capital to the UK tax free.
Recent changes in government policy have had a significant impact on individual’s owning property. Changes restricting the deduction of finance costs to a basic rate of tax and the introduction of the 3% SDLT surcharge have led many of our clients to consider whether a corporate structure is a more effective way to own a property portfolio.
A common question that is often asked is ‘what is the difference between residency and domicile?’ This is an area of tax law that is constantly evolving in the UK and an understanding of these two separate concepts is key for any taxpayers for whom it is relevant
A Family Investment Company (‘FIC’) is a company whose shares are held by family members. Those family members may also be employees or directors of the company. An FIC is an effective tool to facilitate wealth succession and family tax planning.
The family home will be liable for inheritance tax “IHT” if the value of the home exceeds the available nil rate band upon the relevant individual’s death (the surviving spouse or sole owner). The value above the nil rate band of £325,000 is potentially exposed to tax at a rate of 40% however there have been some changes in this area, primarily around the introduction of the new nil rate band for family homes.
This article provides a high level summary of some simple planning for Inheritance Tax “IHT” purposes that can be undertaken outside of a larger planning exercise.
Anyone who is considering operating their business as a Limited Company will have a number of questions to ask.