Archive for the ‘ Uncategorized ’ Category
Succession planning might be defined as the process whereby someone arranges to transfer their assets to the next generation in an orderly and tax-efficient way. Succession planning is not a big issue for most people, who simply leave whatever they have when they die to their spouse and/or children. However, this is not always considered appropriate, [ READ MORE ]
The new coalition government’s first Budget will take place on 22 June. It is expected that the rate of capital gains tax on non-business assets will increase, so that capital gains are taxed at the same rate as income. The top rate of tax will probably be 40%, in addition to which the [ READ MORE ]
It is apparent that an early casualty of the Conservatives’ coalition deal with the Liberal Democrats has been their manifesto pledge to increase the inheritance tax allowance (or ‘nil-rate band’) to £1m. The pledge was originally made in 2007 when the world was a very different place. More recently, the pledge has been used by the [ READ MORE ]
The Chancellor announced today that the IHT allowance (or ‘nil-rate band’) has been frozen at £325,000 not just this year but until 2014/15. This is likely to have a significant impact on will drafting for high net worth clients. Anyone who has made or changed their will since October 2007 is potentially affected. Until October 2007 the accepted [ READ MORE ]
A trust can be summarised as an arrangement whereby person A gives assets to persons B and C who together promise to deal with them for the benefit of persons D and E. If the trust is made by a person during their life the arrangement is usually documented in a document called a trust [ READ MORE ]
Until 29 September 2009 inheritance tax enjoyed something of a privileged position. The rate of interest charged on underpaid inheritance tax was the same as the rate of interest that HMRC would pay in respect of overpaid inheritance tax. Where other taxes are concerned, the rate of interest that HMRC pay on overpaid tax is lower [ READ MORE ]
Apologies to the casual reader because this post is fairly technical. It will be interesting to people who advise on trust taxation however and anyone else who has heard of the legal case referred to as Howell v Trippier. This firm has recently handled a case in which, in the last couple of days, the court [ READ MORE ]
We have received several calls from clients of the Freedom SIPP, following the publication of our name in connection with the recent court proceedings reported in Crain’s Manchester Business and Citywire. Some of the news surrounding this event has been somewhat alarmist. It had been widely reported for example that the members left in the scheme [ READ MORE ]
The subject of the 50% top rate of income tax is back in the headlines after Mr Cameron suggested he might get rid of it if it doesn’t raise any additional revenue. It is interesting to see the amount of ignorance among members of the public who think that higher rates of tax necessarily raise [ READ MORE ]
Inheritance tax (’IHT’) is a problem for anyone whose estate is worth more than the ‘nil-rate’ band (currently £325,000). The easy way to avoid IHT is to give things away since the gift falls out of account after seven years. The main asset of value for most people is the home they live in hence [ READ MORE ]
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