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TaxationWeb by Mark McLaughlin ATII TEPThe Fourth Estate Planning Conference: Current Issues 2005, 22 June 2005, reported by Mark McLaughlin CTA (Fellow) ATT TEP, Consultant and Editor of www.taxationweb.co.ukCombining CGT reliefs Prior to changes introduced in Finance Act 2003, it was possible to ‘wash out’ a chargeable gain on a second property through a combination of capital gains tax holdover relief on a transfer to a discretionary trust (TCGA 1992, s 260) and principal private residence ... Continue Reading

TaxationWeb by Julie Butler, FCAJulie Butler, FCA, considers a recent case involving inheritance tax (IHT) business property relief in favour of the taxpayer, and its possible implications.This recent case has brought more hope for claims for business property relief BPR) on 'in–hand' farms and their farmhouses. This case looked at whether the whole of Ragley Hall qualified for BPR notwithstanding part of the interior in private occupation. This case looked very closely at IHTA 1984, s 110 - ... Continue Reading

TaxationWeb by Arthur WellerSome guidelines for those who own property overseas, by Arthur Weller.Income TaxIncome tax is charged broadly on the world income of UK residents. Individuals are normally charged on the full amount of foreign income arising abroad, whether it is brought into the UK or not. Someone resident in the UK who is not UK domiciled or not ordinarily resident in the UK, is, however, charged only as and when income is brought into the UK (referred to as the ‘remittance basis’). The ... Continue Reading

Tax Adviser by Julie Butler, FCAJulie Butler, FCA, of Butler & Co, offers an inheritance tax planning suggestion for owner managed business proprietors.With property prices having increased so much in recent years and with most houses exceeding the Nil Rate Band for IHT there is great concern over sheltering private investments (and possibly property) from inheritance tax in the small family company. Inheritance tax (IHT) business property relief (BPR) is a complete exemption from IHT and can be ... Continue Reading

TaxationWeb by Amer Siddiq & Arthur WellerArthur Weller and Amer Siddiq offer some useful advice to UK landlordsMost landlords (and even some accountants) are unaware that there are two methods that can be used to calculate your annual UK property income tax. These methods are known as ‘Cash Basis’ and ‘Earnings Basis’. In this article we will explain when and how both methods can be used. To demonstrate each of the methods the following case study will be used: Case StudyLouise owns one ... Continue Reading

TaxationWeb by Namita Chandra BA, LLB (Hons)Namita Chandra BA, LLB (Hons), Lawyer, of Paras Kuhad And Associates, Advocates, Mumbai, India, considers taxation issues affecting e-commerce on a global basis.I. IntroductionThe nations of the world are entering a promising yet volatile E-Commerce realm. Traditional concepts and principles of taxation are proving to be inadequate. Principles of residence and source for taxation cannot be applied with certainty in the seamless, borderless and timeless ... Continue Reading

TaxationWeb by Julie Butler, FCAJulie Butler, FCA, of Butler & Co, points out some tax planning issues regarding furnished holiday lettingsBearing in mind the generally wet UK Summers, a review of the tax efficiency of UK property let to holiday makers might seem a joke article but think of all those campers looking for a warm bathroom and central heating... Capturing the letting income as Schedule DIncome from furnished lets is taxable under schedule A, unless the landlord is in occupation and ... Continue Reading

Capital Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP author of Capital Tax Review considers a recent case on whether the excess of a deceased’s liabilities over the assets in his personal or free estate could be used to reduce the value of the assets comprised in life interest settlements for the purpose of computing the amount chargeable to IHT.ContextIHTA 1984 s5 provides inter alia: ‘(1) For the purposes of this Act a person’s estate ... Continue Reading

Capital Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPThe ‘end of the road’ has been reached in the long ‘flip flop’ saga, explains Matthew HuttonThe ‘end of the road’ has been reached in the long ‘flip flop’ saga. The House of Lords following the High Court has found unanimously for the Revenue (the Special Commissioners and the Court of Appeal having decided for the taxpayers). Trennery v West: the factsMr and Mrs Trennery (T) were shareholders in an unquoted UK bus ... Continue Reading

TaxationWeb by Jonathan MillerMany Britons own property in Spain. Some also have business interests and investments in Spanish territory. This article takes a quick look at the effects for them of Spanish Inheritance and Gifts Tax (ISD).BACKGROUND Many Britons own property in Spain. Some also have business interests and investments in Spanish territory. This article takes a quick look at the effects for them of Spanish Inheritance and Gifts Tax (ISD). Before getting into any detail, it is well ... Continue Reading