Synopsis: An initial look at the impact on businesses and their owners of the reform of dividends announced in the Summer Budget. In his Budget speech, the Chancellor said ‘Those who either pay themselves in dividends or have large shareholdings worth typically over £140,000 will pay more tax’. This was the only clue to why Mr […]
TAX AVOIDANCE Synopsis: A record £26.6 billion secured by HMRC in revenue from its tax avoidance and evasion clampdown in 2014/15. Date posted: Monday, July 20, 2015 HMRC’s annual accounts for 2014/15 show that £26.6 billion was secured in revenue from tax avoidance and tax evasion. This is nearly £3 billion more than in 2012/13 when it […]
Synopsis: An initial look at the impact on individual investors of the reform of dividends announced in the Summer Budget. In his Budget speech, the Chancellor said ‘85% of those who receive dividends will see no change or be better off. Over a million people will see their tax cut.’ Are the changes really that good? […]
DEEDS OF VARIATION/DEEDS OF FAMILY ARRANGEMENTS Synopsis: HMRC has launched a call for evidence to inform a review of the use of deeds of variation for tax purposes to ensure that they are not being abused. A review into the use of deeds of variation in tax planning was first mooted in the March Budget and today […]
With the changes in taxation of Dividend payments announced in the recent Summer Budget, we have produced a comprehensive guide for owners of SME’s to help them understand the potential impact on their income from April 2016 onwards. There are 3 easy to understand issues, the first of which gives a background to Dividends themselves. […]
Synopsis: This section looks at how divorce is dealt with when schemes are entering or are in the PPF Last Reviewed: Friday, June 19, 2015 The Pensions Act 2008 made provision to enable rights to pension compensation under the PPF to be treated in the same way as other pension benefits where a divorce is […]
TAXATION DEVELOPMENTS/DEVELOPMENTS IN TAXATION Synopsis: The latest National Statistics data on public sector finances suggest that the Chancellor has some extra wriggle room as he prepares his second Budget of 2015. Last Friday the Office for National Statistics (ONS) issued its latest bulletin on the state of public finances, the last that will appear before the 8 […]
DEEDS OF VARIATION/DEEDS OF FAMILY ARRANGEMENTS Synopsis: The High Court has rectified a deed of variation that did not include an inheritance tax statement because it did not achieve the parties’ intentions. In the latest in a wave of rectification cases, the High Court has held that a post-death variation that did not include a […]
SCHEDULE D CASE III/SAVINGS AND INVESTMENT INCOME Synopsis: The actor Tim Healy has lost his claim for tax relief on a flat he rented while working away from home because of his admission that the flat provided him with a spare room for guests. Date posted: Monday, June 15, 2015 Tim Healy, who lives in […]
PROPERTY INVESTMENTS/RENTAL INCOME Synopsis: Summary of tax treatment of income and expenses on buy to let investments Date posted: Thursday, June 04, 2015 So you are considering putting money into a buy to let property? There are many factors to take into account in deciding if this will represent a suitable investment for you. These […]
