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 …

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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 …

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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 …

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Can I gift my holiday home or rental property to my children

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 seven years, you will escape paying IHT on it, but if …

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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 …

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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) …

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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 …

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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 …

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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 …

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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 …

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