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| Tolley's Tax Planning 2005-06 |
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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 Mark McLaughlin
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About The Author  Mark McLaughlin is TaxationWeb's Co-Founder, Director and Technical Editor. He is a Fellow of the Chartered Institute of Taxation and a member of the Association of Taxation Technicians and the Society of Trust and Estate Practitioners. He lectures on tax subjects, is co-author of Tottel's IHT Annual and Ray & McLaughlin's IHT Planning, and Editor of Tottel's Tax Planning and Annual series. Mark's work has also been published in Taxation, Tax Adviser, Tolley's Practical Tax, Tax Journal and Simon's Weekly Tax Intelligence. Since January 1998, Mark has been a consultant in his own tax practice, Mark McLaughlin Associates, which provides tax consultancy and support services to professional firms. He publishes a regular 'Tax Update' e-Newsletter for clients and other professional firms. To receive future copies, contact Mark via his website. |
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