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Matthew Hutton MA, CTA (fellow), AIIT, TEP, Presenter of Monthly Tax Review (MTR), highlights some planning points on inheritance tax business property relief by Alex McDougall and James Kessler QC from a recent IBC IHT and Trusts Conference.Matthew HuttonContext The following points were made in a lecture by Alex McDougall and James Kessler QC at IBC’s IHT and Trusts Conference in London on 22 May 2008.  Planning for BPRAlex McDougall emphasised the importance of regular review.  ... Continue Reading

 Andrew Needham, Director of VAT Solutions (UK) Ltd, describes some key issues in the distinction between cars and commercial vehicles.Andrew NeedhamIntroductionThere has often been a fine line in VAT terms between a car and a commercial vehicle, given that cars generally don’t get VAT recovery, but vans do. With the addition of ‘car-derived vans’ and combination vans’ to the market in the last couple of years, the fine line has got that little finer! Given this, we thought ... Continue Reading

HM Treasury has launched a new consultation document which will look at potential abuse of the tax relief rules on travel by temporary workers using "overarching" contracts.The cost of travel between home and work is normally regarded as a personal expense, putting an individual in the position to do his job, rather than an expense incurred in performing his duties. Travel between home and a permanent workplace does not qualify for tax relief. However, a distinction is made for temporary ... Continue Reading

Employers will shortly receive details from HMRC of what they can do to get ready for the tax code changes which will be required for many individuals following the Chancellor's announcement in May. The Chancellor announced that the basic personal allowance is increasing by £600 from £5,435 to £6,035 and the basic rate limit is reducing from £36,000 to £34,800. The new tax codes and rate bands must be used from the first payday on or after 7 September 2008.HMRC ... Continue Reading

The Finance Bill 2008 received Royal Assent on Monday 21st July and became Finance Act 2008.The full text of the Act can be found on the Office of Public Sector Information website at www.opsi.gov.uk.  Continue Reading

Paul Howard of Chiltern Tax Support for Professionals Limited outlines some of the key issues affecting claims for loss relief by companies.IntroductionThe credit crunch and other economic factors are taking their toll on some companies. Advisers may be asked to assist such companies in different ways, and they need to be able to recognise certain dangers and be proactive in preventing a loss of tax relief.Sales, takeovers and changes of directionCompanies in difficulties are often sold or taken ... Continue Reading

Matthew Hutton MA, CTA (fellow), AIIT, TEP, Presenter of Monthly Tax Review (MTR), highlights some practical issues arising from the introduction of the transferable nil rate band between spouses and civil partners for inheritance tax purposes. Matthew HuttonContext The following points were made in a lecture by Emma Chamberlain at IBC’s IHT and Trusts Conference in London on 22 May 2008.  What chargeable value can be eliminated?  The TNRB can be set against ‘the charge to tax ... Continue Reading

The Chartered Institute of Taxation (CIOT) has welcomed a Government debate which proposes that unqualified accountants and tax advisers should have professionally recognised qualifications before they can provide services.The CIOT notes with interest the recent Early Day Motion (EDM) asking for legal protection for the term accountant although it says that it would go further and include not only accountants but also tax and financial advisers.Nick Goulding, CIOT President, says: “The ... Continue Reading

The Treasury has announced that a planned 2p per litre rise in fuel duty, due to come into force on 1 October 2008, has been postponed.As a result of this decision, main road fuel duty rates will remain at 50.35 pence per litre after 1 October this year. The 2p increase had originally been set for April but was deferred until October. Now the Treasury has said that the rise is to be put back a further six months.Main road fuel duty rates will remain at 50.35 pence per litre after 1 October this year. ... Continue Reading

Subject to the Finance Bill passing all stages in the Lords on Friday 18th July, Royal Assent will be signified on Monday 21st July. Continue Reading