21/08/2011, by Tax Insider, Tax article - Property Taxation
Malcolm Finney outlines how trustees can access Capital Gains Tax relief for disposals of an only or main residence, for Tax Insider.
Introduction
Principal Private Residence (PPR) Relief is a term commonly used to refer to the exemption from Capital Gains Tax (CGT) of any capital gain made on the sale of an individual’s primary home, i.e., typically, the home in which the individual lives most of the time. But what happens when that property is held in trust?
Principal Private ... Continue Reading
21/08/2011, by Andrew Watt, Tax article - General
Given recent developments in the context of international tax agreements, anyone who wants to achieve finality and peace of mind might be well advised to opt for the LDF route, says Andrew Watt of Alvarez Marsal Taxand.
Introduction
The broad outline of a tax 'disclosure' agreement between Germany and Switzerland has just been announced. The full text of the agreement will not be released until it has been sanctioned by both Governments. Similar discussions between Switzerland and the ... Continue Reading
21/08/2011, by Low Incomes Tax Reform Group, Tax article - General
The Low Incomes Tax Reform Group asks how inclusive is HMRC's policy for doing everything online.
On Monday 8 August HMRC published two consultation documents – VAT: Consultation on the Next Steps for Moving VAT Online, and Digital by Default for direct taxes.
Encouraging people to do their Government business online, if they can, makes good economic and administrative sense. If the systems have been thoroughly tested and are backed up, secure, safe and easy to use, they can be ... Continue Reading
21/08/2011, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - Income Tax
Mark McLaughlin looks at trading activities and their implications.
Introduction
The 2012 London Olympics will provide an excellent opportunity for enterprising individuals to apply their entrepreneurial skills to making some money (see Olympic Windfall below). The Olympics will no doubt be the catalyst for many individuals with aspirations of appearing on The Apprentice to engage in activities which they hope would win Lord Sugar’s approval.
Olympic Windfall
Arthur lives ... Continue Reading
15/08/2011, by Low Incomes Tax Reform Group, Tax article - Income Tax
As HMRC’s consultation ‘Incapacitated person – a modern definition’, draws to a close, LITRG reports on its success in stimulating debate and hopes that the Government acts on the responses.
‘Incapacitated person’ consultation
Pressure from LITRG over a number of years resulted in the publication of this consultation at the end of May.
As LITRG hoped, what began as a consultation to review offensive language hidden away in the volumes of tax legislation ... Continue Reading
14/08/2011, by Julie Butler, FCA, Tax article - Business Tax
Julie Butler looks at the potential fiscal benefits of purchasing a small farm or landed estate.
Why Tax Breaks as well as the Improved Economics of the Farming Industry are Attracting Buyers into the Market
The hard working entrepreneur is currently faced with some rather punishing tax penalties on both his income now and his accumulated wealth when he dies.
We are now dealing with a 50% top Income Tax rate, although the proposal is that this is to be phased out by 2015, with a ... Continue Reading
14/08/2011, by Property Tax Insider, Tax article - Property Taxation
James Bailey for Property Tax Insider outlines a useful form of Capital Gains Tax relief for property owners.
Introduction
For the purposes of Capital Gains Tax, (CGT), if you make a gift of an asset, or if you sell it at less than its market value, you are taxed as if you had received the market value for it. This does not apply to gifts between spouses or civil partners, but it does apply in nearly all other cases.
It is not unusual for land to have more than one owner, and it ... Continue Reading
14/08/2011, by HM Revenue & Customs, Tax article - General
Brian Redford of HMRC discusses two consultations – “Establishing the Future Relationship between the Tax Agent Community and HMRC” and “Working with Tax Agents: Dishonest Conduct" and invites TW readers to contribute their views.
Building our Future Relationship
Tax agents play a vital role in the delivery of the tax system. To recognise this critical role, HMRC has devised a Tax Agent Strategy which aims to improve and future-proof its relationship with agents ... Continue Reading
14/08/2011, by Mark McLaughlin CTA (Fellow) ATT TEP, Tax article - General
Mark McLaughlin looks at HMRC's approach to dealing with agents who are considered to be acting unprofessionally or dishonestly.
Introduction
HMRC caused a stir on 31 May 2011, with the issue of the consultation document 'Establishing the Future Relationship between the Tax Agent Community and HMRC'. HMRC's proposed strategy includes "providing additional support to agents whose standards are below those expected in the professional community."
The document requests comments on appropriate ... Continue Reading
12/08/2011, by Lee Sharpe, Tax news - Business Tax
HM Revenue & Customs (HMRC) has announced a dedicated "Civil Disorder" Helpline to assist businesses and individuals affected by the riots and civil disorder recently experienced across cities in the UK:
0845 366 1207 - 8:00 am to 8:00 pm, 7 days a week
HMRC has said it is determined to do all it can to help and the Helpline will in particular:
Agree payment schedules with those who are unable to pay their tax bills because of short-term financial difficulties, and
Discuss ... Continue Reading
