TOLLEY's TAX PLANNING 2005-06
Reviewed by Mark McLaughlin CTA (Fellow) ATT TEP,
Editor of TaxationWeb
Introduction
Tolley's Tax Planning (TTP) is one of those publications which
has seemingly been around forever. Longevity is normally a fair indicator
of a book's quality and popularity, so in the case of a well-established
book such as TTP is a good initial sign!
Contents
TTP is big! It comes in two volumes. The first volume alone comprises
1,260 pages, while volume two contains 1,355 pages. TTP is made up of
66 Chapters in total.
The book features a number of different authors. The list of authors
makes impressive reading, as many of them are very well known and respected
names in the tax profession, including Malcolm Gunn, James Kessler QC,
Matthew Hutton, Robert Maas, Patrick Way and Giles Clarke.
TTP covers a vast array of tax subjects. The book not only covers specific
categories of taxpayers and entities (foreign domiciliaries, Discretionary
Trusts, Charities, etc), but includes Chapters on specific situations
and particular transactions. For example, there are Chapters on emigration,
company reorganisations, incorporation of a business and management buyouts.
Pensions are well represented, with separate Chapters dealing with the
'new regime' from 6 April 2006, and the 'old regimes'
which preceded it.
The Chapters in TTP are ordered alphabetically, in terms of subject matter.
For example, Chapter 1 is 'Accumulation and Maintenance Trusts',
while Chapter 66 is 'Year End Tax Planning for Individuals'.
I am not convinced that a book on tax planning lends itself to an alphabetical
order (as does, say, 'Tolley's Income Tax'). Ordering
in terms of taxes (e.g. business tax, capital taxes, indirect taxes etc)
seems (to me at least) to be more logical, and should perhaps be considered.
As indicated, TTP covers very large and diverse areas of tax. It should
be borne in mind that the Chapters are relatively short. For example,
Chapter 30 'Incorporation of a Business' is 30 pages in length,
yet at least one entire book has been written on this subject. However,
the book provides a very useful overview by attempting to cover the main
considerations in each area. Paragraphs are generally short and succinct,
and many Chapters feature a summary outlining the main points covered.
There are also examples in some Chapters of the book where they are needed
to illustrate the points raised.
I was drawn to some of the Chapters in TTP that were of particular interest
to me. The Chapter on 'Company Reorganisations' summarises
the legislation in that area quite well, but a case study or two would
make it even better for future editions to assist the reader in understanding
a potentially complex area. The Chapter on 'Family Companies'
features many worked examples illustrating the taxation of family companies,
including the extraction of profits by salary or dividend. The Chapter
on 'National Insurance Planning' includes commentary on the
tricky areas of employment status and employment-related securities. The
Chapter on 'Selling a Company' includes sections on hive-downs,
advantages and disadvantages of asset sales and pre-sale tax planning.
Overall, these Chapters provide a useful summary of wide ranging subjects.
Cost
The normal cost of 'Tolley's Tax Planning' is £208.95.
However, there is 20% off if you order the publication on TaxationWeb
before 28 February 2006, in which case the cost is only £167.16.
If you miss out on this offer, watch out for possible special offers on
TaxationWeb!
The Verdict
A price in excess of £200 is a considerable sum to pay for a single
book. However, TTP is a huge tome, containing 2,615 pages. The main areas
of tax planning seem to be covered. Despite such a large book, the Chapters
in TTP are relatively short, bearing in mind the subjects covered. TTP
should therefore benefit, for example, the busy accountant or tax practitioner
who needs an overview of planning considerations on a particular subject
prior to a meeting. Further research will no doubt be required in many
cases, so TTP should not necessarily be looked upon as a definitive solution
to all tax planning. However, as mentioned, entire books have been written
on the subject matter of certain Chapters, so it is perhaps unrealistic
to expect TTP to be a complete solution in any event. Overall, TTP should
prove to be a very helpful source of information on tax planning considerations,
which should make a useful addition to any tax library.
To Order
To order Tolley's Tax Planning 2005-06, click
here.
Mark McLaughlin
TaxationWeb
February 2006
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