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Ben Taylor
 

Government decide Inheritance Tax staying as is and Capital Gains Tax to be refined

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The Treasury has written to the Office of Tax Simplification (OTS) in response to its second report on Inheritance Tax (IHT) and on its two Capital Gains Tax (CGT) reports. The second report on IHT had the aim of investigating and commenting on the...

Should we discuss inheritance?

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We can often find discussing money matters, like inheritance, a little uncomfortable. However, in some cases it is quite common and, as in my experience, we are starting to observe a changing attitude towards talking about property, finances, and death....

Property Investment Portfolios - Is a Family Investment Company (FIC) the answer?

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Join us for our Family Investment Companies Masterclass webinar on 16 September - full details and registration here . There have been a number of changes in the tax environment over the last few years aimed at discouraging private ownership of second or...

Divorce and Tax

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We often get asked about the tax situation on divorce. Whilst there is no one size fits all, the following is a general outline of the common tax issues that arise on a divorce or separation . Advice should always be sought at an early stage and a...

A cautious Budget?

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In the lead up to the budget a number of economic commentators urged caution in respect of an increase in tax, so as not to stifle the economic recovery of the UK. That being said, with UK national debt the highest since 1963, it was still expected that...

A New Tax on Wealth

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A new tax on wealth is being considered and a report by The Wealth Tax Commission has been released this month making recommendations to the Government. To find out how such changes could affect you as a taxpayer and whether you should review your...

Chancellor looking to "rebuild funds" with new tax regime

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This week, the Office of Tax Simplification (OTS) has released a report on Capital Gains Tax (CGT). These follow a request by Rishi Sunak, Chancellor of the Exchequer, to “identify opportunities relating to administrative and technical issues as well...

Trust Registration Service - Updating your records

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The administration of a trust is becoming increasingly comparable to that of a company, with the Trust Registration Service (TRS) and the responsibilities of trustees in respect of that, comparable to those for Companies House. Trustees are required to...

One house or two? - Multiple Dwellings Relief

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Multiple Dwellings Relief (MDR) is an important relief for Stamp Duty Land Tax (SDLT), where a purchaser acquires more than one dwelling as part of a transaction, or where there is a single dwelling purchase, but it is linked to at least one other...

Recent case rules in favour of agricultural property relief for elderly farmer

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The recent case of Charnley and another v HMRC [2019] has seen the law firmly placed on the side of the farmer in this important appeal against HMRC. Ben Taylor, solicitor at Roythornes Solicitors , looks at why this is significant. Grazing...

Buying and selling your home: Capital Gains Tax and Stamp Duty Land Tax

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When it comes to buying or selling your home , there are two important taxes to bear in mind: Capital Gains Tax (CGT) and Stamp Duty Land Tax (SDLT). Recent case law has highlighted arguably a growing difference in the approach to these taxes at HMRC in...

The OTS releases its first report on the review into Inheritance Tax

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The Office of Tax Simplification (OTS) has released its first report on the review into Inheritance Tax (IHT). This first report comments on the administrative complexities of IHT which, surprisingly from a lawyer’s perspective, were the most...

OTS reviews Inheritance Tax

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In February I wrote about the importance of reviewing your will and, in particular, about the need to stay on top of changes to the tax regime which might affect your estate planning (for those who missed it you can read it here ). As we near the...

Reviewing your will - your executors

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In the last couple of months, I have written about the importance of reviewing your will to ensure it is up to date with your personal and financial circumstances, but also in light of any changes to the tax environment. Over the weekend, the importance of...

Reviewing your will

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In December I wrote about the research into the use of Agricultural Property Relief and Business Property Relief , the aim of which was to help HMRC to understand how people utilise these reliefs in estate planning. Following this, on 19 January,...

The role of APR and BPR in estate planning

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As the dust settles following the Autumn Budget, in amongst the various documents released around the same time, HMRC published research on the use of Agricultural Property Relief (APR) and Business Property Relief (BPR), and taxpayers’ attitudes...

Changes to the Annual Tax on Enveloped Dwellings

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Back in July 2016, I wrote about ATED and Mixed Partnerships , highlighting that the threshold on the charge to tax reduced from 1 April 2016. As a reminder, the Annual Tax on Enveloped Dwellings targets interests in high-value residential property held by...

Lasting Powers of Attorney reduction in registration fees

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From 1 April 2017, the fee for registration of Lasting Powers of Attorney (LPA) and Enduring Powers of Attorney (EPA) was reduced from £110 to £82. Before an LPA can be used by the attorneys, it needs to be registered with the...

To RNRB or not to RNRB, that is the question.

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Back in August, Elizabeth Young wrote about the introduction of the new Residence Nil Rate Band (available here ) and noted some of the limitations, particularly for those who don’t have children and where the estate is worth more than £2m. ...

Stamp Duty Land Tax and Partnerships

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The SDLT legislation applicable to partnerships (which includes partnerships under the Partnership Act 1890 and Limited Liability Partnerships under the 2000 Act) is, in my opinion, the most complex area of the entire SDLT regime. The effect of these...

The Annual Tax on Enveloped Dwellings and Mixed Partnerships

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Many of our clients have residential property held within a business structure for one reason or another. Mixed partnerships (i.e. partnerships of individuals and companies) are popular, particularly within the farming industry. Although ATED was brought in...