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Tax Insider

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Here are just some of the strategies our tax experts are sharing with you this month:                      
  • IHT Planning? HMRC Want To Know!
    Mark McLaughlin highlights the tightening of requirements for the disclosure of IHT planning arrangements to HMRC, which is aimed at requiring more planning schemes and arrangements to be disclosed to HMRC than before.                   
  • Divorce And Some Tax Issues To Note
    At the time of divorce it is probably fair to say that, the very wealthy apart, taxation issues are not usually at the forefront of either spouse’s mind. However, whilst understandable, a little thought and advice may often reduce tax liabilities quite significantly. Malcolm Finney looks at tax issues often overlooked. According to the Office for National Statistics, the estimated percentage of marriages ending in divorce is around 42%, nearly one-half of all marriages.       
  • Company Distributions In Specie – Important Considerations
    A company may distribute assets to its shareholders ‘in specie’ if its articles of association permit and the tax consequences for the shareholders are similar in principle to those applicable to a cash dividend. But there are a few ‘twists’ that need to be considered both from company law and tax perspectives, as Ken Moody explains.                   
  • Bad Debt Relief Record Keeping 
    When a business claims VAT Bad Debt Relief it has to fulfil certain record-keeping criteria – what are they and how long do you have to keep them? Andrew Needham looks at what records a business needs to keep when claiming Bad Debt Relief.                 
  • Landlords Finance Costs Restrictions - What's The Latest?
    Until 5 April 2017, individual landlords could deduct their costs, including mortgage interest relief, without restriction, from their profits for tax purposes. Sarah Laing looks at the changes to tax relief on loan relief and the impact they may have on landlords over the coming years.                     
  • New risk-to-capital conditions for businesses raising EIS funds
    What is the new risk-to-capital condition about? The risk-to-capital condition (‘RTC condition’) is a new condition designed to ensure that companies raising finance under the EIS and other venture capital schemes are involved in activities which carry a genuine risk to investors. If the error is only discovered sometime later, what can be done? Satwaki Chanda discusses the new risk-to-capital rules introduced by Finance Act 2018.               
  • Getting To Grips With 3% SDLT Surcharge – Part 2
    In the second of a two-part article, Peter Rayney examines some more thorny issues with the 3% SDLT surcharge.                     
  • Too Late To Claim? Not Necessarily! 
    Mistakes can easily happen in tax, some of which may result in an overpayment by the taxpayer. If the error is only discovered sometime later, what can be done? Mark McLaughlin highlights overpayment relief in the context of tax return errors by individuals.              
  • Investors’ Relief: Enhancing ER’s Appeal?  
    In the 2016 Spring Budget, the government announced that the existing capital gains tax (CGT) entrepreneurs' relief (ER) would be extended to certain long-term investors in unlisted trading companies who had subscribed for their shares. Sarah Laing examines the tax advantages of a relatively new relief aimed at providing a financial incentive for investment in unlisted trading companies
    .   
  • VAT: Selling Goods On Sale Or Return 
    Under a sale or return agreement, goods are supplied on terms that allow the customer to return them at any
     point up until the time they are adopted. Andrew Needham looks at tax points for VAT purposes on selling goods on sale or return.                        
  • Getting To Grips With The 3% SDLT Surcharge (Part 1) 
    The 3% stamp duty land tax (SDLT) surcharge rules are highly prescriptive and complex. 
    They therefore contain a number of potential traps for prospective buyers of residential property (dwellings). In the first of a two-part article, Peter Rayney examines some of the thornier issues with the 3% stamp duty land tax surcharge.                   
  • Inheritance Tax: Planning In Family Companies 
    Business property relief (BPR) at 100% is available for inheritance tax (IHT) purposes if an asset, such as shares, constitutes ‘relevant business property’. 
    A chilling thought for many! Kevin Read discusses planning opportunities for maximising business property relief and warns of some of the traps that can cause this valuable inheritance tax relief to be lost.                        
  • Claiming Holdover Relief – Are You Sure? 
    Holdover relief for gifts of business assets is a very useful relief, but it does have limitations and it can be embarrassing if an adviser assures a client that a gain can be held over and then discovers it can’t.  Ken Moody explains a few qualifications to capital gains tax ‘holdover relief’ for gifts of business assets.                      
  • Trading Loss Relief Against Capital Gains 
    Tax planning is as much about ensuring the efficient offsetting of trading losses as it is about maximising post-tax income. Generally speaking, income and capital gains are distinct categories, with each having their own specific legislation, and rarely do their paths cross. Malcolm Finney outlines the utilisation of a little known 'Trading Loss Relief'. 
  • Transferring The Home To Family Members - Tax Issues
    In some cases where an adult child (e.g. son) comes to live with their parents, part of the family home is gifted to them. 
    A chilling thought for many! Tony Granger considers various taxes that may be payable when transferring an interest in the family home to family members.     
  • Tax Relief For Business Travel: Prove It!
    The tax system in the UK offers tax reliefs and exemptions to employees (including company directors) and the self-employed for various costs, etc., relating to their work. 
     However, these tax deductions generally come with strings attached in the form of conditions and record-keeping requirements. Mark McLaughlin underlines the importance of being able to substantiate tax relief claims.                      
  • VAT: Retrospectively Joining Or Leaving The Flat Rate Scheme
    The flat rate scheme (FRS) is designed primarily as a means of simplifying VAT accounting for small businesses. Andrew Needham looks at retrospectively joining or leaving the VAT flat rate scheme for small businesses.
           
  • Making The Most Of Gift Aid
    Under the gift aid regime, the amount of a qualifying gift is treated as a net amount from which income tax at the basic rate has been deducted. 
    Sarah Laing highlights gift aid tax relief and how to maximise charitable donations.       
  • Getting The Benefit Of Capital Allowances On Property Purchases
    When a business buys a commercial building, it is very important to ensure that it is able to claim the appropriate amount of capital allowances on its various fixtures/integral features. Peter Rayney explains that care must be taken when buying commercial buildings, to ensure valid capital allowances claims can be made on their fixtures and integral features.
              
  • CGT Entrepreneurs’ Relief – Points of Order
    For a short piece of legislation, capital gains tax (CGT) entrepreneurs’ relief throws up more than its fair share of conundrums. Ken Moody points out some ‘conundrums’ in the capital gains tax entrepreneurs’ relief rules.
            
  • Codicils: What Are They And What Are They Used For?
    Most people are familiar with the concept of a will but are perhaps less clear as to what exactly is a codicil and how it may be relevant. Malcolm Finney explains the nature of the codicil
  • Tax Insider: Tax Tips
  • Tax Insider: Your Tax Questions Answered!
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