The rules on estate duty for works of art have changed, to the detriment of the owner. Charles King-Farlow argues for redress ‘The Finance Act 2016 has effectively introduced a new tax charge payable by grandchildren or even more remote issue of an owner, on whose death an estate duty exemption was granted more than …
Continue reading "Tax: HMRC – a retrospective"
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When will an NNDR tax avoidance scheme be subject to a successful challenge? Nicholas Trompeter examines a case that sheds light on the points considered ‘The local authorities in Rossendale submitted that the notion of an “owner” of an unoccupied property had to be interpreted purposively as an owner with a real entitlement to possession.’ …
Continue reading "Tax: The limitations of Ramsay"
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Wills & Trusts Law Reports | Spring 2019 #174The appellants were trustees of a life interest trust, the income of which was mandated to the life tenant and passed directly to him. HMRC served a notice under s8A of the Taxes Management Act 1970 to file an income tax return on the trustees. When no return was filed, HMRC assessed penalties against the trustees for failure to file the return by the due date. The trustees appealed to the First-Tier Tribunal against the decision of HMRC to reject their appeals, arguing that they thought a return had been filed by their previous agents, that given that the return was a ...
With an updated non-dom regime due to come into force in April 2018, Claire Randall and Alexis Hille outline the action to take now ‘This rule has been introduced to prevent non-doms from taking advantage of the favourable remittance basis regime indefinitely: it means that each non-dom can only use the regime for a maximum …
Continue reading "Tax: Window of opportunity"
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Alastair Collett and Richard Inston review the tax implications of making disposals from a wine collection ‘It is with regard to capital gains tax that there is a potentially valuable exemption for those who wish to dispose of wine that has gained significantly in value since they acquired it.’ A near decade of record low …
Continue reading "Tax: A corking investment"
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Finance Bill 2 contains changes to the taxation of non-doms and more. Alex Ruffel and Tom Barber give the lowdown ‘Finance Bill 2 introduces protections for certain settlements. This involves the creation of two new concepts: protected foreign-source income and “tainting”.’ The UK government announced on 13 July 2017 that it will introduce a second …
Continue reading "Tax: Trustees take note"
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Steve Appleton and Joshua Eaton outline HMRC’s new approach to trusts and the taxation of index-linked loans ‘The nature of an index-linked loan between trustees and the surviving spouse represents a personal contractual relationship rather than a commercial one.’Before the introduction of the transferable nil rate band (TNRB) on 9 October 2007, the nil rate …
Continue reading "Tax: Testing the waters"
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Carolyn O’Sullivan highlights what the private practitioner needs to know about ATEDs ‘ATED receipts for 2013/14 totalled £100m, a reported five times more than the government had originally anticipated in its impact assessment when it introduced the charge, suggesting that many decided not to de-envelope existing structures.’ Historically, non-UK domiciled individuals (non doms) have purchased …
Continue reading "Tax: A tax that needs to be kept under review"
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Mary Ashley looks at Lobler v HMRC [2015], which has an interesting take on rectification ‘Taxpayers will now have to consider whether they should bother to go through the expense of rectification where the only party they are concerned about is HMRC, or if instead they should rely on Lobler.’ As the saying goes, ‘hard …
Continue reading "Tax: Victory for the taxpayer"
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Charles Wynn-Evans reviews two important recent authorities on whether compensation for unlawful discrimination can be paid tax free ‘Clarifying the basis for, and the nature of, a payment to be made to an employee to settle their claims can be crucial in determining the proper tax treatment to be applied.’The correct tax treatment of a …
Continue reading "Tax: ITEPA and discrimination payments"
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