INHERITANCE TAX - 19.03.2024
Saving IHT with a letter of wishes
The inheritance tax (IHT) exemption for gifts between spouses looks generous but may ultimately do no more than defer tax. How can your clients use a letter of wishes to turn the exemption into real tax savings?
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STAMP DUTY LAND TAX - 19.03.2024
Budget brings changes to SDLT
Stamp duty land tax is paid by the buyer of legal interests in property located in England and Northern Ireland. The 2024 Spring Budget made a number of changes, so which are the key ones that may affect your clients?
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PROPERTY - 19.03.2024
Tax implications of property exchanges
A client is looking to downsize and has agreed with a friend to swap their main residence. They also jointly own two investment properties with their brother which may benefit from being separated into sole ownership. What are the key tax issues to consider and will both exchange transactions be treated the same?
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VAT - 19.03.2024
Management charges between connected companies
One of your clients owns two companies and wishes to move profits between them. Another client has a holding company that wants to charge its trading subsidiaries for its services. What VAT issues must they consider before making management charges?
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TAX CASES - 19.03.2024
Was return notification enough to uphold late filing penalties?
Case. Ms Godliman (G) received late filing penalties for the 2017/18 and 2018/19 tax years. She had completed returns since 2013/14 late, but HMRC had cancelled the corresponding penalties. Her returns for the two years concerned showed a mix of employment and self-employment income; the latter being the reasoning for her being required to make a return. However, at the appeal G contested that she had been placed into self-assessment in error. She had undertaken work for a non-compliant employer who had not issued payslips or a P60 . ...
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BUDGET - 19.03.2024
How does the Budget impact clients?
Following on from January’s reduction in Class 1 NI, the 2024 Spring Budget continued to focus on individual taxpayers. What were the highlights for your clients?
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