The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Alternative dispute resolution (ADR) can be a cheaper, more time efficient and effective way of dealing with a tax dispute with HMRC than formal litigation.
Up until now, ADR could be considered either before or after the issue of a formal decision by HMRC. However, once the taxpayer had appealed to the Tribunal and HMRC’s Statement of Case had been served, the First-tier
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What is an Age 18–25 trust?The special category of Age 18–25 trusts was introduced by FA 2006 to offer some compensation for the loss of old style accumulation and maintenance (A&M) trusts. The A&M regime offered exemption from IHT charges on trusts in favour of children and young adults up to the
Taxpayers may wish to consider basic tax planning arrangements in use the capital gains tax annual exemption. This type of tax planning is often reviewed at the end of the tax year.This guidance note first looks at the annual exemption in detail and then various tax planning strategies that might be
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every
In certain circumstances shareholders may wish to pay dividends other than in proportion to their shareholdings. This aim is typically achieved by one or more shareholders not taking a dividend when it is declared. To effect this, the relevant shareholders must waive their right to dividends from
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