Penalties, interest and time limits

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Practice notes
Creation of trusts—express trustsConstituents of a trustWhen drafting, keep in mind that the essentials of creating a validly constituted trust...
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19th May
Practice notes
Nature and classification of trusts—the three certaintiesCertaintyIn order for a settlor to create a private express trust the three certainties must...
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19th May
Practice notes
Creation of trusts—beneficiariesWho may be beneficiariesEvery person who would be capable of owning property if of full age and sound mind may be a...
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19th May
Practice notes
Trustees—statutory powers of trusteesSource and availabilitySourcesTrustees have certain powers conferred on them by statute, in particular by the...
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19th May
Q&As
At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?We assume you refer to the situation when...
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19th May
Q&As
Can a life tenant in a Will bring a life interest to an end by choosing to end it themselves or does it only expire on death?Life tenantsA life...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 19th May
Practice notes
Capacity to litigateOn the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without...
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19th May
Practice notes
Costs and expenses in the Court of ProtectionThere are court fees and disbursements which will be payable by all applicants on making a new...
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19th May
Practice notes
Trust disputes—court jurisdiction and procedureTrust litigation has been classified as being of three types:•a dispute as to the trusts on which...
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19th May
Practice notes
Offshore trusts—offshore income gains (OIGs)Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are...
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19th May
Practice notes
Acceptance in Lieu scheme and other heritage property reliefsSTOP PRESS: HMRC has updated its guidance on calculating the special price in Acceptance...
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19th May
Practice notes
Statutory Wills—Court of Protection applicationsWhat is a statutory Will?Where a person is incapable of making a valid Will for themselves, the Court...
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19th May
Practice notes
Trustees—power of advancementWhere a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married...
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19th May
Practice notes
Cayman Islands STAR trusts—common usesThis Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman...
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Produced in partnership with Mourant Ozannes and Carey Olsen 19th May
Practice notes
Discretionary trusts—ScotlandWhat is a discretionary trust?A discretionary trust or discretionary settlement is an arrangement created when an...
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Produced in partnership with Peter Murrin of Turcan Connell 19th May
Practice notes
Beneficial ownership registers—private clients and trustsCORONAVIRUS (COVID-19): Certain aspects of the PSC regime are affected by temporary measures...
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19th May

Most recent Penalties, interest and time limits content

Practice notes
Penalties for enablers of defeated tax avoidance schemesFORTHCOMING CHANGE relating to Finance Bill 2021–22: Finance Bill 2021–22 (which is expected...
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23rd Jul
Practice notes
Offshore tax evaders—criminal offencesBackground to the strict liability offences for offshore tax evadersThe government’s strategy for tackling...
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Produced in partnership with Nicholas Griffin QC and Tom Broomfield of QEB Hollis Whiteman 21st Jul
Practice notes
Penalties for failure to notify a liability to taxIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...
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7th Jul
Q&As
What is the amount of penalty for late payment of a scheme sanction charge assessment, with statutory authorities?Under section 239 of the Finance Act...
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2nd Jul
Practice notes
Late payment penalties—income tax, capital gains tax and corporation taxFORTHCOMING CHANGE: As announced at Spring Budget 2021, Finance Act 2021...
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22nd Jun
Practice notes
Interest on late paid taxCoronavirus (COVID-19): During the coronavirus pandemic, HMRC allowed deferral of certain VAT payments and self-assessment...
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22nd Jun
Practice notes
VAT penaltiesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the...
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22nd Jun
Q&As
What are the penalties for late payment of the soft drinks industry levy (SDIL)?Penalties for late paymentA person who is subject to the Soft Drinks...
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6th Jun
Q&As
When a non-UK company has a UK permanent establishment or becomes UK tax resident, how and when must it inform Companies House and HMRC? What happens...
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6th Jun
Practice notes
Offshore tax evaders—offshore penalties and other civil sanctionsThis Practice Note considers:•requirement to correct and failure to correct...
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Produced in partnership with Jason Collins of Pinsent Masons and Catherine Robins of Pinsent Masons 5th Jun
Q&As
Where an inheritance tax instalment payment is made late, what penalties and interest may be charged by HMRC?Inheritance tax instalment optionSection...
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5th Jun
Practice notes
Penalties for failure to notify a liability to tax—reasonable excuseFORTHCOMING CHANGE: HMRC has consulted on proposals to amend the rules in Schedule...
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Produced in partnership with Philip Rutherford 5th Jun
Practice notes
Calculating the penalty for inaccuracies—potential lost revenueFORTHCOMING CHANGE relating to inaccuracy penalties: Following an initial discussion...
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Produced in partnership with Philip Rutherford 5th Jun
Practice notes
Penalties for inaccuracies in returns—introduction to the regimeFORTHCOMING CHANGE relating to inaccuracy penalties: Following an initial discussion...
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Produced in partnership with Philip Rutherford 5th Jun
Practice notes
Late payment penalties—PAYE, NICs and construction industry schemeThis Practice Note is about the penalty regime in the Finance Act 2009 (FA 2009) for...
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Produced in partnership with Philip Rutherford 5th Jun
Practice notes
Penalties for inaccuracies in returns—reasonable careFORTHCOMING CHANGE relating to inaccuracy penalties: Following an initial discussion document...
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5th Jun
Practice notes
Penalty reductions for failure to notify a liability to taxFORTHCOMING CHANGE: HMRC has consulted on proposals to amend the rules in Schedule 41 to...
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Produced in partnership with Philip Rutherford 5th Jun
Practice notes
Suspended penalties for inaccuracies in returnsFORTHCOMING CHANGE relating to inaccuracy penalties: Following an initial discussion document that was...
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Produced in partnership with Philip Rutherford 5th Jun
Practice notes
Offshore penalties, sanctions and criminal offences—outlineSTOP PRESS: The All-Party Parliamentary Group on Anti-Corruption & Responsible Tax, which...
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5th Jun

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