There have been a number of changes in the tax environment over the last few years aimed at discouraging private ownership of second or investment properties. The changes include the introduction of the higher rates of SDLT (an extra 3%) and the changes to...
A decision in the case of ‘C’ has been handed down, judging him to have the capacity to engage in sexual relations and to potentially engage a sex worker and identifying issues for those who may be asked to help make such arrangements for others....
The Trust Registration Service (“TRS”) was originally set up in 2017 and only required trustees of express trusts with a relevant tax liability to register. The relevant taxes are: Income tax Capital Gains Tax Inheritance tax Stamp Duty...
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 plan...
Will and inheritance claims have been significantly increasing for many years now. According to the Ministry of Justice reporting in the Times last year, in 2016, the number of individuals seeking to claim a share or a larger proportion of a deceased...
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...
This week, the Office of Tax Simplification (OTS) 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 as...
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 respect that, comparable to those for Companies House. Trustees are required to record and...
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...
The effects of Covid-19 and the lockdown across the world are certainly not something that any of us could have ever envisaged or expected to happen during our lifetime. The effects are devastating and widespread, impacting the whole world beyond...
If someone dies without a will (or without one that is valid), the intestacy rules dictate how much of their estate their partner, children and other relatives inherit. Legislation passed yesterday – the Administration of Estates Act 1925 (Fixed Net...
If you don’t have a will yet, you’re not alone. It was recently estimated that somewhere between 50% and 60% of adults in the UK do not have one. Many assume their loved ones will automatically inherit their estate - but that’s...
Most of us understand the importance of making a will in order to ensure that our affairs are taken care of as we intended on our death. However, fewer of us consider the importance of Lasting Powers of Attorney (LPAs) and what would happen if we are no...
With the average house price having increased over 40% over the last 10 years*, it is increasingly common for loved ones to assist when buying property . It is important that the terms of this assistance are agreed in principle, advice taken and terms...
When a loved one dies abroad it can be difficult to know where to start, particularly if you are new to the estate administration process and are having to deal with an unfamiliar system in stressful circumstances. Who should you inform when someone dies...
End of life planning is something that we all have to do. As an individual, a will is arguably one of the most important documents we have to create, so it's worth taking the time to get it right and understand the different elements. It is...
Considering the worst-case scenario is not always easy to do. However, when you have children it is important to think about who would care for them if the worst should happen to you. It cannot always be assumed that if the worst-case scenario occurred your...
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...
When it comes to tax planning there can often be a temptation to keep up with the Jones’ and enter into the latest new tax planning schemes. In some cases, this may be a sensible move, but in others, there is a distinct possibility that you may...
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...
