Navigating the complexities of UK taxes is paramount for specialists in the Private Client sector. This topic offers essential insights into tax regulations affecting individuals and estates, ensuring your clients benefit from optimal tax strategies. Explore practical advice on income tax, inheritance tax, capital gains tax, and more, tailored to safeguarding client wealth and compliance.
The Department for Business and Trade is consulting on proposals for a UK corporate re-domiciliation regime....
HMRC has published Issue 141 of the Agent Update, providing a round-up of updates and reminders for tax practitioners....
This week’s edition of Private Client highlights includes: (1) an application by parents to be appointed deputies for personal welfare of an adult...
HM Revenue & Customs (HMRC) has published a policy paper introducing a measure to lower the Making Tax Digital (MTD) for Income Tax mandation...
Nature and classification of trusts—the three certaintiesCertaintyIn order for a settlor to create a private express trust the three certainties must...
ProtectorsWhat is a protector?A protector is a person who holds powers under a trust but who is not a trustee. A protector is a person who is...
Preparing the application form PA1P/PA1A for probate or letters of administrationFORTHCOMING CHANGE: The postal application forms PA1P and PA1A for...
Administration actions—personal representatives and the deceased's liabilitiesAn individual may assume obligations, for example in respect of...
Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid
Where a property is owned jointly by an individual and their adult children, with none of them in occupation, is there a joint ownership discount applicable to reduce the CGT that may otherwise arise on a deemed disposal by the parent on gifting their share to their children?A discount of 10-15% is
Taxation of trusts—sub-fundsA ‘sub-fund’ of a trust is said to exist when a specific asset (or specific assets) of the trust are held subject to separate and distinct trust provisions to those applicable to the other assets of the trust. A trust may have any number of sub-funds. Normally, the same
Grossing up and partly exempt estatesThe transfer of value on death is one transfer affecting the whole estate. Where there are no contrary provisions in the deceased’s Will, the general principle is that the inheritance tax (IHT) due on all UK free (not settled) property which vests in the personal
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