Budget 2021: Private Client Matters
What conclusions can we draw from the 2021 Budget with respect to inheritance tax and capital gains tax? Tax Revenues Will Rise The effect of the private client Budget changes, which are briefly set out below, is significant because in…
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‘Inheritance Tax Planning with Investment Property’
‘Inheritance Tax Planning with Investment Property’, is now available for you to download at absolutely no cost today, Tuesday 4th June, and for the next two days. Simply go to Amazon Books and type in ‘Steve Parnham’ or follow this…
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Inheritance Tax & Investment Property – What Clients will be Reading Next Week!!!
Inheritance Tax Planning with Investment Property’ will be published on Amazon Kindle early next week. The book will be available to you as one of my blog subscribers absolutely free of charge on Kindle to download for two or three…
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Half of over-45s unaware their main property is subject to IHT
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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Tax returns are often left to the last moment. But just how last minute do we actually leave it?
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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Upper Tribunal allows IHT Business Property Relief on a livery yard
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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Holiday lets are entitled to IIHT Business Property Relief if they provide ‘exceptional service’
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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Partial success for farmer’s daughter in proprietary estoppel claim
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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Business Property Relief for Furnished Holiday Lets: The Latest
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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Trust Registration: New Online Requirement
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