Stephen Parnham Taxation Limited
Cheltenham Chartered Tax Advisers
Advising throughout the UK
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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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 High Court has agreed to grant additional powers to the trustees of a family settlement for the purposes of Inheritance Tax planning in the case of Cotterell & Anor v Allendale & Anor [2020] EWHC 2234. Trustee Act 1925 s…
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Many thousands of people in the UK have lost their lives during the Covid-19 pandemic and about 5% of those deaths will probably result in an inheritance tax charge. Inheritance tax is charged on the estate of a deceased…
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Business Property Relief and Agricultural Property Relief are both ways of passing on assets without needing to pay Inheritance Tax. The reliefs can currently achieve up to a 100% tax saving, meaning assets that fall into these categories – such…
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Massive public spending during the Covid-19 crisis means the government will almost certainly increase taxes in the short to medium term. Additional austerity seems implausible and government borrowing is already stretched. The government will be emboldened in its revenue-raising task…
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By the time we emerge from the Covid 19 crisis the UK will be vastly more indebted. Households, companies and the state will be carrying much more debt and be much more risk averse. The Bank of America believes the…
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After several months of noise regarding changes to inheritance tax Rishi Sunak’s budget avoided even tentative adjustments to the tax altogether. Headline predictions included a reduction of the rate from 40% to 10%, removal of lifetime gifting allowances, and the…
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“The immanent extension of the online UK Trust Registration Service (TRS) to cover express trusts without any tax consequences, under the EU Fifth Anti-Money Laundering Directive (5AMLD), is likely to extend the number of registrable trusts from around 200,000…
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HM Revenue & Customs has created a somewhat secretive and shadowy unit to investigate the use of family investment companies , sometimes known as FIC’s, to avoid paying inheritance tax. The unit was set up the team in April…
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