Practice notes
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed and posted during the coronavirus (COVID-19) pandemic, certain rules...
15th Jan
Practice notes
FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax...
15th Jan
Practice notes
This Practice Note was originally produced in partnership with Tolley.When an individual dies, their estate is liable to income tax on the income that...
15th Jan
Practice notes
STOP PRESS: A new fixed net sum of £270,000 applies with effect from 6 February 2020, in accordance with Schedule 1A to the Administration of Estates...
15th Jan
Practice notes
CGT position on an individual’s deathThe rules dealing with capital gains tax (CGT) on death provide that:•assets that the deceased was competent to...
15th Jan
Practice notes
Nil rate band (NRB) and transferable nil rate band (TNRB)Each person's estate is exempt from inheritance tax (IHT) up to a certain threshold, called...
Produced in partnership with Lucy Edwards of Penningtons Manches LLP and now maintained by Lexis®PSL
15th Jan
Practice notes
STOP PRESS: The Office of Tax Simplification (OTS) published its first report on the review of capital gains tax (CGT) on 11 November 2020. The report...
15th Jan
Practice notes
The personal representatives (PRs) are responsible for finalising the deceased's tax affairs. They must file outstanding tax returns and claim any...
15th Jan
Practice notes
It is common for trustees or personal representatives (PRs) to run a property business. A property business is one which generates income from land...
Produced in partnership with Paul Davies of Clarke Willmott
15th Jan
Practice notes
FORTHCOMING CHANGE: As announced at Budget 2018, draft legislation to be included in Finance Bill 2019–20 was published on 11 July 2019 and includes a...
Produced in partnership with Alison Cartin of Bryan Cave Leighton Paisner
15th Jan
Practice notes
While interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on...
15th Jan
Practice notes
FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax...
Produced in partnership with Katie Doyle of Mishcon de Reya LLP
15th Jan
Practice notes
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed during the coronavirus (COVID-19) pandemic, certain rules relating to...
15th Jan
Practice notes
STOP PRESS: With effect from 6 April 2020, all disposals of UK residential property by UK residents which result in a CGT liability must be notified...
15th Jan
Practice notes
The need to value the estateWhen an individual dies they are considered to have made a 'transfer of value' equal to the value of their estate...
Produced in partnership with Ailsa Moorhouse of Penningtons Manches Cooper
15th Jan
Practice notes
This Practice Note aims to guide practitioners to Q&As and worked examples of the principles under which the inheritance tax (IHT) residence nil rate...
15th Jan
Practice notes
HMRC's online Trust Registration Service (TRS) was designed to implement the Money Laundering, Terrorist Financing and Transfer of Funds (Information...
15th Jan
Practice notes
This Practice Note explains the phenomenon of ‘cryptoassets’, namely assets which are issued using distributed ledger technology, alternatively known...
Produced in partnership with James Brockhurst of Forsters LLP
15th Jan
Practice notes
Coronavirus (COVID-19): Due to potential difficulties in having paperwork signed and sent during the coronavirus (COVID-19) pandemic, certain rules...
15th Jan
Practice notes
FORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek views about...
15th Jan