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Capital Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP author of Capital Tax Review, comments on the recent Special Commissioner’s decision in Shepherd v HMRC.ContextThe issue in this case was whether the appellant airline pilot had done sufficient to become both not resident and not ordinarily resident in the UK for tax purposes. Shepherd v HMRC; the factsMr Shepherd was a British subject, an airline pilot employed by a British company flying ... Continue Reading

Monthly Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP author and presenter of Monthly Tax Review, outlines the unfortunate consequences of a taxpayer’s generosity, and comments on advice given by HMRC.ContextThe principles of Gift Aid relief seem straightforward enough and are apparently well understood now by the world at large. But the following real life example contains a salutary warning. Example: the story of Mrs CheerybleRetired Colonel ... Continue Reading

Taxation of Unincorporated Businesses by Malcolm JamesMalcolm James, author of ‘Taxation of Unincorporated Businesses’ provides an introduction to partnerships, including limited partnership and limited liability partnerships.DefinitionsA partnership is defined as ‘the relationship which subsists between persons carrying on business in common with a view to profit’ (Partnership Act 1890 s.1). The term business includes all trades, professions and vocations. In England and Wales a partnership, ... Continue Reading

TaxationWeb by Decision FinanceDecision Finance provide a brief introduction to Class 2 and Class 4 National Insurance contributions for the self-employed.IntroductionIf you are self-employed, you are obliged to assess your own tax, including National Insurance Contributions. You must pay Class 2 NIC (National Insurance Contributions), if you earn above an amount determined each year. Remember, if you fail to pay your NIC you may be liable to prosecution. All examples given in this guide are for ... Continue Reading

TaxationWeb by Bob Fraser MBE, MBA, MA, FPFS, TEPBob Fraser MBE, MBA, MA, FPFS, TEP of Towry Law Financial Services Ltd clarifies the various types of qualifications relating to financial advisers that investors may encounter.This short guide is an attempt to cast some clarity on the range of financial adviser qualifications that investors may come across. All financial advisers are required by the Financial Services Authority to pass examinations known either as the Certificate in Financial Planning ... Continue Reading

TaxationWeb by Julie Butler, FCAJulie Butler FCA of Butler & Co outlines some current tax implications of ‘slice of the action’ sale agreements involving land development profitWith the current continuing demand (and need) for housing combined with relatively high property values the need for all property owners to try to achieve any future ’slice of the action’ development profit (‘overage’) has never been stronger. What is ‘overage’?‘Overage’ is securing the rights to future ... Continue Reading

TaxationWeb by Julie Butler, FCAJulie Bulter FCA, of Butler and Co, outlines the tax considerations of an ancient form of commerce in the context of modern day businesses.The rural community has thrived on the concept (and reality) of the system of ‘Barter’ for centuries. In the majority of rural communities most of the population has known each other for generations and a large number of the inhabitants are related to each other and with that comes trust (or bitter disputes) – but let’s ... Continue Reading

Capital Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP author of Capital Tax Review, comments on the decision in Perry v HMRC.ContextTwo pretty straightforward, not uncommon, issues came up for decision in a recent SpC case. Although IHT now has the PET regime (which CTT did not), both issues continue to serve as something as a warning. Perry v HMRC: the factsThe deceased died on 5.2.89. In 1974 he had purchased the property which was then occupied ... Continue Reading

VAT Voice by Andrew NeedhamVAT Solutions (UK) Ltd provide a summary of recent VAT cases.Tribunal finds for HMRC re VAT recovery on jointly incurred advertising and entertaining costsAn argument advanced on behalf of the boxing promoter Frank Warren, regarding the appropriate level of input tax to be allowed on the rental of an executive box at Arsenal Football Club. HMRC had allowed 25% of the VAT to be related to advertising, but disallowed the remainder as business entertainment. The Appellant ... Continue Reading

TaxationWeb by Bob Fraser MBA MA FSFABob Fraser MBE, MBA, MA, FPFS, TEP of Towry Law Financial Services Ltd outlines recent developments affecting pension schemes.The Government has decided that it will remove the tax advantages for investing in residential property or certain other assets such as fine wines, classic cars, art and antiques from registered pension schemes which are self directed. This is to prevent people benefiting from tax relief in relation to contributions made into self-directed ... Continue Reading