The following Employment Tax guidance note Produced by Tolley in association with Jim Yuill at The Yuill Consultancy provides comprehensive and up to date tax information covering:
Residence is a concept that has always been interpreted differently for tax and NIC purposes. This is even more so since the introduction of the statutory residence test (SRT) for tax which was introduced in FA 2013, Sch 45 for the tax years 2013/14 onwards.
Residence for social security (NIC) purposes is not defined in legislation, but the dictionary definition states that it is “the act or duration of dwelling in a place”. There does not need to be any permanence in the arrangement and the place of residence can change on a regular basis. What is abundantly clear is that residence for tax and social security purposes can be significantly different. For the purpose of the EU social security regulations, residence means habitual residence which is where an individual will have their stronge
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What is quick succession relief?Quick succession relief (QSR) reduces the tax payable when the same property has been subject to more than one charge to IHT. It applies where there have been two chargeable transfers on which tax is payable within a period of five years.Although commonly called QSR,
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
The transactions in securities (TiS) legislation is anti-avoidance legislation aimed at situations where close company shareholders have engineered a disposal of shares to obtain a beneficial capital gains tax (CGT) rate, ie avoid income tax, on specified transactions.The targeted anti-avoidance
Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting