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LACK OF CLARITY ON ADDITIONAL INHERITANCE TAX ALLOWANCE

The Budget announcement about the extension to the nil rate band for inheritance tax is included in clause 9 of the Finance Bill. Briefly, the additional band of £100,000 is first introduced in 2017/18 and then increases in tranches of…
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INHERITANCE TAX & THE HOME

The inheritance tax concession promised by the Conservative Party prior to the general election – i.e. increasing the nil-rate band so that a principal residence worth up to £1,000,000 would be inherited tax-free – was not included in the Queen’s…
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SECOND FINANCE BILL EXPECTED SOON

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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Mansion Tax 3: Mansion Tax Proposals

Shadow chancellor Ed Balls has announced that a Labour administration would introduce a tax on homes worth more than £2 million in its first budget, so that the Treasury could begin to collect money from what is estimated to be…
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Severance of Joint Tenancy

A Brief Account of a Recent Case The First-tier Tribunal ((Parveen Chadda and Others v HMRC [2014] UKFTT 1061 ) recently found that a joint tenancy held between a married couple, Mr and Mrs Tobin, had been severed despite no-one…
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HOME ALONE ?

Relief from capital gains tax on the home is extremely valuable and, although the rules are detailed and convoluted, they have generally been well understood by taxpayers. However, recent tax cases and legislative changes mean that it is always worth…
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MANSION TAX 2

So how will people owning property which is exposed to a prospective mansion tax react if the proposal becomes law ? Even though there is little flesh on the bones of a prospective mansion tax as yet, one can easily…
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MANSION TAX ?

With a general election on the distant horizon the possibility of a ‘mansion tax’ is once more on the agenda. While everyone will have their own view on whether such a tax is a good idea or not, it is…
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