September 2021 – The OTS Second Report on Capital Gains Tax – Simpler, But not yet Simples
Believe it or not there is something called the Office of Tax Simplification (“the OTS”). It was set up in 2010 and no doubt they try their best but one might think they have not made much headway so far. … More
May 2021 – Trust Registration
Under the EU Fourth Anti-Money Laundering Directive only trusts with a UK “tax consequence” (or deceased’s estates which counted as “complex estates”) needed to be registered with HMRC’s online Trust Registration Service (“the TRS”). Importantly however, the Fifth Anti-Money … More
December 2020 – A Wealth Tax? Are you Bovvered?
The Wealth Tax Commission was established in Spring 2020 to consider proposals for a UK wealth tax. It published its final report this month. The prospect of a Wealth Tax could be met with varied responses; for example: “am I … More
November 2019 – A Close Call With CGT Private Residence Relief
The general rule is that if an individual sells something for more than they paid for it then they are liable for capital gains tax (“CGT”) on the gain. There are various rules and exceptions qualifying that general rule and … More
Scotland is Placed Middle of the Board for Inheritance Tax Liability in the UK
Following a Freedom of Information request by Direct Line, Guildford in Surrey was dubbed the Inheritance Tax capital of the UK after it was revealed that as many as 658 families from the town southwest of London were subject to … More
October 2018 – Autumn Budget & “principal private residence relief” Some tinkering at the edges
The Chancellor’s Autumn Budget has had its fair share of attention and summaries of its contents are readily available on the internet. The aim of this update is not to give an overview of the Budget but to focus on … More