The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
In income tax legislation, the term 'child' refers to offspring, ie it includes adult children. Children under the age of 18 are indicated by the terms 'infant' or 'minor'. In Scotland, the term ‘infant’ means a person under the age of 16. The definition of a child includes an adopted child and an illegitimate child. See Simon’s Taxes E5.201.
Stepchildren are specified as being within the definition of ‘child’ in various provisions of the tax acts. For example, the settlements legislation brings stepchildren within the definition of child by virtue of ITTOIA 2005, s 629(7)(a). However, there is no general provision that a stepchild is regarded as a child for the purposes of the taxes acts. Therefore, unless specified within the rules it may be necessary to consider the implications of whether a stepchild is a child or not.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
If an individual sells a chargeable asset and makes an allowable loss, how can this be relieved?First of all, since the simplification of capital gains tax from 6 April 2008, the proforma to calculate a loss is the same as the proforma to calculate a gain. See the Basic calculation principles of
Liability of the personal representativesAfter a person’s death, the property of the deceased is vested in the personal representatives (PRs) to enable them to manage and distribute the estate in accordance with the Will or the terms of intestacy. See the Personal representatives guidance note.The
Class 2 and Class 4 NIC are payable by self-employed earners and partners in a partnership. This guidance note considers Class 2 contributions. For Class 4 contributions, see the Class 4 national insurance contributions guidance note.Class 2 NIC arise where a self-employed individual has income
Close companies ― overviewMeaning of close companyThe tax rules for close companies are intended to address those companies that are closely controlled (ie by the owners and their families) and therefore could be used to manipulate the tax position of its activities and its investors. Therefore,