Income tax

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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
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9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
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9th Nov
Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Income tax content

Practice notes
The charge to UK income tax applies to the profits of both a UK and overseas property business.A property business is one which generates income from...
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9th Apr
Practice notes
Whether a property transaction is an investment or trading (ie dealing) activity is of key importance to each of the parties to the transaction since...
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9th Apr
Practice notes
Since 6 April 2019, a person that is neither UK tax resident nor resident in a full treaty territory (ie not resident in a territory with which the UK...
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9th Apr
Practice notes
This Practice Note sets out the key UK tax rates, thresholds and allowances most relevant to Private Client practitioners. It is intended as a quick...
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9th Apr
Practice notes
This Practice Note was produced in partnership with Tolley Guidance and is now maintained by Lexis®PSL.For income tax rates and allowances applicable...
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9th Apr
Practice notes
Why are deadlines important?In order to comply with the legislation and avoid penalties and interest arising due to late payment of tax, it is...
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9th Apr
Practice notes
The main types of income are:•employment income•pension income•social security income•trading income•property income•savings and investment income...
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9th Apr
Practice notes
The rules relating to settlor interested trusts are anti-avoidance rules, aimed at ensuring that a settlor cannot avoid tax on assets of which they...
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9th Apr
Practice notes
The types of income chargeable to tax as 'savings and investment income' include:•interest, being income chargeable under ITTOIA 2005, ss...
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9th Apr
Practice notes
For income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private...
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9th Apr
Practice notes
Reliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer may deduct reliefs from...
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9th Apr
Practice notes
The calculation of income tax liabilities is usually done by a person's tax adviser or by HMRC following submission of a tax return, rather than by a...
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9th Apr
Practice notes
The cap on unlimited income tax reliefs applies from 6 April 2013. It prohibits relief for certain types of losses, which could otherwise be set off...
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9th Apr
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. This...
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Produced in partnership with Emma Haley of Boodle Hatfield LLP 9th Apr
Practice notes
The pre-owned asset tax (POAT) is an inheritance tax (IHT) anti-avoidance measure, introduced by Schedule 15 to the Finance Act 2004 (FA 2004), and...
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Produced in partnership with Stephen Parnham 9th Apr
Practice notes
Overview of the UK taxation treatment of furnished holiday lettings (FHLs) in the UK and the European Economic Area (EEA)This note covers the UK tax...
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Produced in partnership with Keith Bruce-Smith, Judith Robertson and Katie Walsh of Sinclair Gibson LLP 9th Apr
Practice notes
Income tax is charged on any person on certain categories of income, allocated between tax years in order to determine the rate payable.The...
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9th Apr
Practice notes
This Practice Note was originally written by Paul Seal and is now maintained by LexisNexis®.This Practice Note aims to give a general introduction to...
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9th Apr
Practice notes
A dividend is a type of distribution made by a company to its members. n relation to the law and practice relating to distributions made by a company,...
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8th Apr
Practice notes
Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support the employed. For more detail...
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8th Apr

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