Buzzacott news and insights provide updates on key changes and in-depth information in our areas of specialism.
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This 2015/16 tax year will be unusual for pensions because it will effectively be split into two periods for calculating how much can be paid into your pensions.
The Annual Tax on Enveloped Dwellings (ATED) arrived on 1 April 2013 for UK residential properties worth £2 million or more and owned by ‘non-natural persons’ (generally, where a company is involved).
‘Treaty shopping’ refers to a practice of structuring affairs to take advantage of favourable tax treaties available between certain jurisdictions.
A taxpayer who has been UK resident for seven years and pays the Remittance Basis Charge (RBC) is, for reasons not relevant to this article, required to nominate unremitted foreign income or capital gains on which tax is then treated as paid.
A successful appeal to the Upper Tier Tribunal (UTT) shows that taxpayers can occasionally be rescued from the disastrous tax consequences of their financial decisions.
The issue of whether scrip dividends should be treated as income or capital for Inheritance Tax (IHT) purposes arose again in a recent case (Meena Seddon Settlement v HMRC).
Not all assets sold at a profit result in a tax liability. This should not be overlooked because there are some important assets that are exempt.
Read the Private Client team’s latest quarterly tax digest to see how it will affect you
Enacted in March 2010, the US Foreign Account Tax Compliance Act (FATCA) is designed to give the US treasury direct access to information about offshore accounts and entities held or owned by its citizens and certain other US persons.