Buzzacott news and insights provide updates on key changes and in-depth information in our areas of specialism.
Currently viewing all articles
HMRC launched an enquiry into one of Mr Mabbutt’s Tax Returns but the First-Tier Tribunal concluded that HMRC’s letter did not constitute a valid notice of enquiry because it was not accurate. This decision may cause HMRC to revisit their templates and training to ensure that all future enquiries can only be issued on a standard letter.
Welcome to the latest edition of the Private Client team's quarterly tax digest. Featuring news and insights on recent updates to impact private clients, read all about them here.
We have put together a detailed insight to give you a summary of some of the basic UK Inheritance Tax rules, with key planning opportunities.
Not many people know that HMRC are looking at revolutionising the UK tax system by making it fully digital. What does this mean?
It is not widely known that the receipt of money under an insurance policy or as compensation when an asset is lost, damaged or destroyed may be treated for Capital Gains Tax (“CGT”) purposes as a disposal or part-disposal of that asset. This treatment does not apply to assets that are exempt for CGT purposes (e.g. cars).
We have summarised HMRC’s latest warning about a new telephone scam which is targeting taxpayers directly.
A recent matter of concern to trustees in relation to the taxation of dividends proposed in the 2016 Budget has now been resolved positively. If you’re a trustee, find out how these rules may apply to you.
The formal Wear and Tear Allowance, which allows 10% of rental profits to be written off for notional wear and tear, has been replaced with a new type of relief which may cause landlords to see a rise in their tax bills.
The Rent a Room relief, which provides tax free income to individuals who let out a room or rooms in their main residence, has been increased from £4,250 to £7,500 per annum. However, there are rules as to which type of lets this applies to.