Stephen Parnham Taxation Limited
Cheltenham Chartered Tax Advisers
Advising throughout the UK
The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50%) of over-45s admitting to be unaware their main property could be subject to IHT. According to Canada Life’s latest edition…
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In a study into UK tax return statistics, GoSimpleTax have compiled a dataset of their own findings and HMRC reports to reveal the tax return habits of the UK. The company reveals that one of the times with the most…
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The decision, dismissing HMRC’s appeal, was made by the upper tribunal and now forms a precedent which judges can follow in subsequent cases. Background Vigne died in May 2012 owning Gravelly Way livery yard in Buckinghamshire, which amounted to around…
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A furnished holiday letting business qualified for business property relief (BPR) from inheritance tax because it provided guests with an ‘exceptional level of service and amenities’, and so did not consist wholly or mainly of making or holding investments. So…
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Anyone observing family disputes over farming businesses over the past few years will probably have reflected on the wisdom of making succession plans as clear as is practical. Unfortunately, family ‘understandings’ lack clarity and formal undertakings. Chapter 3 of my…
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The availability of Inheritance Tax Business Property Relief for owners of Furnished Holiday Lets has been put in doubt by a recent decision of the First Tier Tax Tribunal. The recent Ross case focuses once again on whether a furnished…
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HMRC’s online registration service for trusts and estates is now available. All trusts and estates with a tax liability must be registered, including any already reported in paper form 41G. The deadline is 5 October 2017 – http://bit.ly/1PjPOwE
The Upper Tax Tribunal upholds the lower tribunal’s 2016 ruling that a sub-lease, granted by the late Lady Diana Hood to her sons, was a gift with reservation of benefit for the purposes of inheritance tax. The ‘reserved benefits’ were…
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‘The Absolute Essence of Inheritance Tax Planning’ now reviewed by Money Week as ‘one of the four best guides to tax and pensions’ and Amazon #1 bestseller.
HM Revenue & Customs inheritance tax receipts continued their sharp rise in May 2017. Receipts for April and May 2017 were 34.2 per cent higher than in the same period last year, taking the amount collected in the 12 months…
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