Having a takeout

Earlier this year, a readers’ forum query ‘Company residential property transfer to daughters’ (Taxation, 28 February 2019, page 22) questioned the tax implications of the transfer of residential properties from a company to two daughters of the company’s sole director and shareholder. It is relatively common for assets to be transferred from a company on […]

Having a takeout

Earlier this year, a readers’ forum query ‘Company residential property transfer to daughters’ (Taxation, 28 February 2019, page 22) questioned the tax implications of the transfer of residential properties from a company to two daughters of the company’s sole director and shareholder. It is relatively common for assets to be transferred from a company on […]

Every little (tax break) helps!

The UK tax system is not known for its generosity when it comes to allowing tax-free benefits from an employment. Any such benefit should therefore be welcomed, however small it may seem. For example, there is an income tax exemption for ‘trivial’ benefits provided by employers (ITEPA 2003, ss 323A-323C), where certain conditions are met. […]