Stephen Parnham Taxation Limited
Cheltenham Chartered Tax Advisers
Advising throughout the UK
In last months Budget, the Chancellor announced that mortgage interest payments and arrangement fees incurred when taking out buy to let mortgages for residential properties will be restricted to the basic rate of tax, currently 20%. This change in practice…
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The second Finance Bill 2015 and its explanatory notes were released on 15th July. The Bill received it’s second reading in the House of Commons on 21st July, although MPs will not debate it until September, after the summer recess. The Bill is expected…
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Re-defining the Taxation of Dividends Post April 2016 Planning As a result of the changes announced in the budget, tax planning involving dividends will become less attractive, and we are likely to see a move towards paying salary rather than…
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The Personal Allowance The Chancellor was already moving in the direction of a £12,500 personal allowance with the allowance previously due to rise to £10,800 in 2016-17. However, in the Budget he has now said that the first £11,000 of…
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The Chancellor must strike a balance between commitments made prior to the election and the need to generate revenue. The Conservative Party’s manifesto pledge for a tax lock on income tax, VAT and national insurance limits the Chancellor’s room for…
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A Deed of Variation can be used by the beneficiaries to change entitlements under a Will. The main reasons why beneficiaries may wish to vary or redirect inheritances are: To save inheritance tax. To alter the interests under a…
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The Budget on 8th July and second Finance Bill may well include some of the measures announced by the previous coalition government, or elements of it, but not included in the Finance Act 2015. What should advisers and their clients…
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The new Conservative government is expected to table a second Finance Bill in this session. Commentators believe it may include campaign promises such as restrictions on tax relief for pension contributions and the introduction of a transferable £175,000 inheritance tax…
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A landmark Supreme Court decision involving a work of art and previously reported in ‘The Professional Tax Review’ has been nullified in the Budget. The case involved a painting by Joshua Reynolds called Omai, which had belonged to the Howard estate…
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A Review of the role of Deeds of Variation was announced in the March 2015 Budget speech. In identifying Deeds of Variation as “tax avoidance” the Chancellor has focused on the potential tax consequences for those who undertake tax planning….
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