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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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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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 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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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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Most people know that the sale of their main residence is exempt from capital gains tax providing the property has been the only or main residence throughout the period of ownership, or throughout that period except for any part of…
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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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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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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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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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