Tax Blog

Budget 2021: Private Client Matters

What conclusions can we draw from the 2021 Budget with respect to inheritance tax and capital gains tax? Tax Revenues Will Rise The effect of the private client Budget changes, which are briefly set out below, is significant because in…
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Inheritance Tax & Covid-19

Welcome to February! According to the latest HMRC figures published, inheritance tax receipts hit a five-year high in the final quarter of 2020. Receipts steadily rose from August onwards and peaked at a five-year high in October 2020. While this…
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Tax Schemes & ‘Tales of the Unexpected’

There were reputedly 30,000 “home loan” or “double trust” schemes implemented in the late 20th and early 21st centuries and as people die these schemes have been increasingly challenged by HMRC since about 2011. The ‘home loan’ arrangement in the case…
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What’s New in Tax for 2021 at Stephen Parnham Taxation?

My Best Wishes for a happy, healthy and prosperous 2021. My 2021 reviews and reports for taxpayers concerned about inheritance tax are now available on the website. These include The Fixed Fee Inheritance Tax Review 2021 For that first decisive…
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Scottish holiday accommodation loses BPR despite service provision

A legatee who inherited her father’s furnished holiday accommodation business failed to persuade the First-tier Tax Tribunal that it was ‘relevant business property’ for the purposes of business property relief under the Inheritance Tax Act 1984 (IHTA). The property was…
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The Future of Capital Gains Tax

On 14 July the chancellor wrote a letter to the Office of Tax Simplification requesting it “undertake a review of capital gains tax”. Interestingly, there was no announcement of the letter on the Treasury website. The tone of the correspondence…
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Third-Party Notice Powers: No Right of Appeal?

There are circumstances where HMRC has a legitimate need to directly approach financial institutions to obtain tax related information where taxpayers are unwilling or unable to do so.  As things stand, HMRC has the power to issue a Schedule 36…
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