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Tag Archives: tax
Spring Budget Statement 2022
“To my mind, the potentially more important announcement was that of the so-called “Tax Plan*”: tax professionals have been asking the Treasury for this for years. Unfortunately, rather in common with the precipitate “income tax cut” announcement, the Tax Plan …
Posted in Shorter Reads
Tagged budget, income tax, spring statement, tax
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Inheriting from US trusts
When considering a client’s estate planning, advisers like to reach for the most familiar tools in their arsenal. However, for US/UK clients, the tools that work in the US may not necessarily be tax-efficient in the UK. It is important …
HICBC: January 2022 update – 2017/2018 tax position
Self-Assessment In their letters, HMRC correctly notes that the Upper Tribunal mentioned the fact that, if HMRC act within the statutory 4-year tax filing deadline, they can require HICBC taxpayers to file a self-assessment tax return. This means that the …
Posted in Shorter Reads
Tagged HICBC, High Income Child Benefit Charges, HMRC, tax
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Can I gift my holiday home or rental property to my children
Transferring ownership of property from parent to child in the UK The principal tax to consider when making gifts is inheritance tax (IHT). The gift of a property will be a ‘potentially exempt transfer’. If you survive the gift for …
Posted in Shorter Reads
Tagged Gifting, holiday home, IHT, inheritance tax, lifetime giving, tax
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What are the tax implications of being the Bank of Mum and Dad?
My husband has recently retired and we are ready to plan the next stage of our lives. Our first decision is to sell our historic but rambling country home and downsize to something more manageable. Once we have bought a …
Posted in Shorter Reads
Tagged Bank of mum and dad, First-time buyers, IHT, inheritance tax, property purchase, tax
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Collyer Bristow Annotations on the discovery assessments policy paper
Policy paper Discovery assessments Published 27 October 2021 Who is likely to be affected Individuals who incur certain tax charges (the High Income Child Benefit Charge (HICBC), those relating to Gift Aid Donations and a number of different pension charges) …
Posted in Longer Reads
Tagged discovery assessments, HICBC, high income child benefit charge, tax
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Making a success of UK-US cross-border estate planning
It is said that the US and UK are two countries divided by a common language. When it comes to tax and succession law this often bears out; the fact that both countries use similar terminology (like ‘domicile’, ‘trust’ or …
Posted in Longer Reads
Tagged succession, tax, USA
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Shake up of CGT?
The Covid pandemic has dealt a serious blow to the state of the nation’s finances. Predicting what the pandemic holds in store has proven a real problem for commentators and the Government alike, but it seems certain that eventually the …
Coronavirus & SMEs – what support is available for businesses? (updated)
Startups and small and medium sized companies (SMEs) are facing unexpected problems caused by the COVID-19 virus and the economic fallout from the lockdown imposed by the government. The government has worked quickly to announce and introduce a series of …
Posted in Longer Reads
Tagged business, CoronaVirus, financial, tax
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Coronavirus: Tax and Estate Planning Tips in the Lockdown
Being optimistic, we have been giving some thought to what positives we can draw from these dark and difficult times. Being at home for an extended period and having more time provides an opportunity to get on with the tasks …
Posted in Longer Reads
Tagged CoronaVirus, estate planning, tax, TEP
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