What do you ‘hope’ your property is worth?
It is often necessary to value assets such as a property for inheritance tax (IHT) purposes. For example, if an individual makes a lifetime gift of an investment property in the UK to a discretionary trust, it will normally be necessary to ascertain the market value of the property transferred, as there will be an […]
Keep it in the family! Family investment companies
It is fairly common for family members to pass investments such as commercial properties down the generations. A family discretionary trust is a popular means of providing for children and remoter generations. However, a family investment company (FIC) is sometimes seen as an alternative ‘wrapper’ in which family members might hold such properties. What are […]
Keep it in the family! Family investment companies
It is fairly common for family members to pass investments such as commercial properties down the generations. A family discretionary trust is a popular means of providing for children and remoter generations. However, a family investment company (FIC) is sometimes seen as an alternative ‘wrapper’ in which family members might hold such properties. What are […]
Pension contributions: Cash or assets?
Tax relief is available to individuals for contributions to a registered pension scheme if certain conditions are satisfied. The conditions can be complex and are beyond the scope of this article; but if relief is otherwise available, it is given on contributions paid during the tax year. Was it ‘paid’? HM Revenue and Customs (HMRC) […]
Pension contributions: Cash or assets?
Tax relief is available to individuals for contributions to a registered pension scheme if certain conditions are satisfied. The conditions can be complex and are beyond the scope of this article; but if relief is otherwise available, it is given on contributions paid during the tax year. Was it ‘paid’? HM Revenue and Customs (HMRC) […]
Holiday villa accommodation: Is it ‘commercial’?
Property businesses that provide residential accommodation tend to be profitable in most cases. However, unfortunately losses sometimes arise. For example, an individual may incur losses in the early years of their UK rental property business. Such a loss can generally be carried forward for offset against future profits. Alternatively, in some cases the loss may […]
Holiday villa accommodation: Is it ‘commercial’?
Property businesses that provide residential accommodation tend to be profitable in most cases. However, unfortunately losses sometimes arise. For example, an individual may incur losses in the early years of their UK rental property business. Such a loss can generally be carried forward for offset against future profits. Alternatively, in some cases the loss may […]
IHT planning? HMRC want to know!
HM Revenue and Customs (HMRC) want to find out about new tax avoidance and ‘unacceptable’ tax planning arrangements as soon as possible, so that anti-avoidance rules can be introduced to block any schemes and arrangements as it considers necessary. Out with the old… The disclosure of tax avoidance schemes (DOTAS) rules were introduced in Finance […]
Too late to claim? Not necessarily!
Mistakes can easily happen in tax, some of which may result in an overpayment by the taxpayer. For example, an individual may have made an error when completing their self-assessment tax return, resulting in tax being overpaid. The error is only discovered some time later. What can be done? The tax legislation allows individual taxpayers […]