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Forbes Dawson by Laura Hutchinson ATII ATTThe family home often makes up the greatest part of an individual's estate, and in many cases is the major factor resulting in inheritance tax becoming payable. Capital Taxes expert Laura Hutchinson of Forbes Dawson considers some IHT planning ideas involving the family home.The family home often makes up the greatest part of an individual's estate and in many cases is the greatest factor in taking the value of an individual' s estate over the nil rate band. ... Continue Reading

TaxationWeb by Mark McLaughlin ATII TEPThe sale of antiques for a profit may be taxable or exempt, depending on the circumstances. This information sheet explains why. Antiques are a type of chattel, and the meaning and implications of such assets are also outlined.IntroductionThe sale of antiques for a profit may be taxable or exempt, depending on the circumstances. This information sheet explains why. Antiques are a type of chattel, and the meaning and implications of such assets are also outlined.What ... Continue Reading

TaxationWeb by Laura Hutchinson ATT ATIINormally, the decision whether to dispose of land rests with the landowner. However, what is the situation if this decision is taken out of the taxpayer’s hands? This article considers the position where land is compulsorily acquired by an authority with appropriate powers (e.g. local authorities), giving the owner of that land a legal entitlement to compensation. Laura Hutchinson ATT ATII of Forbes Dawson considers the tax consequences.Compulsory Purchases ... Continue Reading

TaxationWeb by Laura Hutchinson ATT ATIIThe Art of Giving Tax-Efficiently - Laura Hutchinson, an Associate at Forbes Dawson explains the new incentives of charitable giving and discusses the reliefs available on donations to qualifying sports clubs.New rules affecting donations to charities were announced in the 2002 budget.1. The Self Assessment Return will include an advert on how a donation to charity can be made. It is not clear from the information available at this stage how this will practically ... Continue Reading

TaxationWeb by Mark McLaughlin ATII TEPTax planning for profit extraction from family companies can generate considerable tax savings. This will assume greater significance from 6 April 2003 when NIC rates increase. Mark McLaughlin, Associate with tax specialists Forbes Dawson, considers some of the planning opportunities available.Planning for the extraction of profits from the family company will assume far greater significance when National Insurance rates increase from next year.In addition ... Continue Reading

TaxationWeb by Mark McLaughlin ATII TEPFollowing Budget 2002, there has perhaps never been a better time for sole traders and partnerships to incorporate their business. Mark McLaughlin, an associate at Forbes Dawson, considers the tax planning opportunities available.Following the changes in Budget 2002, there has perhaps never been a better time for sole traders and partnerships to incorporate their business.Incorporation now gives rise to a number of planning opportunities, including the following:• Transfers ... Continue Reading

TaxationWeb by Laura Hutchinson ATT ATIIDid the Budget 2002 do anything to harm capital taxes planning? Laura Hutchinson, an associate at Forbes Dawson, discusses the implications of Budget changes to capital taxes planning for individuals.You may recall our press release late last year entitled ‘Gift Tax Free – A Window of Opportunity’. This explained the tax implications of a court case entitled ‘Melville v CIR’.Many of our clients took advantage of the tax planning opportunities arising ... Continue Reading

TaxationWeb by Laura Hutchinson ATT ATIITax planning can assist in the use of personal capital losses. Laura Hutchinson, an associate of Forbes Dawson, explains the new rules allowing the extended use of such losses against attributed trust gains.Prior to the 2002 budget, personal capital losses could only be offset against personal capital gains.This was a restrictive measure that affecting those individuals who had incurred personal capital losses and who also were assessable to capital gains from ... Continue Reading

TaxationWeb by Mark McLaughlin ATII TEPTax planning opportunities for family companies are abound following Budget 2002. Mark McLaughlin, Associate with Tax Specialists Forbes Dawson considers some of the options available.The corporation tax rate reductions for small companies announced in Budget 2002 will be a welcome change for many family companies.The introduction of a “zero” starting rate of corporation tax from 1 April 2002, together with a reduction in the small companies rate from 20% ... Continue Reading

TaxationWeb by Kate Stephens ACA ATIIHow can an individual's taper relief entitlement be improved? Kate Stephens, an Associate at Forbes Dawson, discusses the action now needed to counter periods of non-business use in the light of the changes to taper relief in the 2002 Budget.Although the Chancellor has made Capital Gains Tax taper relief on the disposal of business assets even more generous in the Budget on 17 April 2002, it should not be assumed that everyone will automatically qualify for the ... Continue Reading