TRUSTS - 19.06.2024
Ending a trust tax efficiently
Your client has had a discretionary trust for their children for many years. They are now adults, and following a ten-year charge the client wants to end the trust and distribute the assets to each of them. How can this be done without triggering a tax trap?
Read more
INHERITANCE TAX - 12.06.2024
Can cash savings in your company save IHT?
Our subscriber recently read a report about inheritance tax business property relief. It claimed that holding very large cash savings in a company can reduce the tax bill on your estate. Is this tactic something you should consider?
Read more
IN THIS ISSUE: TAKE ADVANTAGE OF TAX BREAKS FOR WOODLANDS - 21.05.2024
Woodlands: tax breaks for landowners
Your client owns land mostly covered by woods. He’s heard that there are tax breaks available if he exploits the land to make profits. He’s correct in principle, but what are the main traps to look out for?
Read more
TRUSTS - 01.05.2024
Tribunal considers CGT relief claim by trustees
Business asset disposal relief (BADR) can be claimed by trustees as well as individual taxpayers. However, as with most trust-related tax matters, there are additional considerations. What did a recent Tribunal case consider in this area?
Read more
INHERITANCE TAX - 30.04.2024
The IHT exemption that HMRC hides
You have the task of obtaining probate for your mother’s estate which involves completing tricky inheritance (IHT) tax forms. One of these requires you to report lifetime gifts. How might the form’s wording cause you to miss out on an IHT exemption?
Read more
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?
Read more
