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Private Client Quarterly Tax Digest: Autumn edition - 2020

Welcome to the Autumn edition of the Private Client team's quarterly tax digest (QTD). Featuring news and insights on tax topics relevant to private clients.

As we continue to feel the economic impact of COVID-19, in this edition, we discuss how some senior employees and shareholders of businesses need to beware of potential tax traps when are offering to waive their agreed salary and dividends to help cashflow. We also consider whether now, while the markets remain unpredictable, could be the perfect time to consider your estate planning options. In other non-COVID-19 related news, we look into informal procedures for estate taxes, generous tax reliefs for high risk investments and more.

Beware of the tax bite on waiving salary and dividends

As businesses continue to feel the economic impact of COVID-19, some senior employees and shareholders are  offering to waive their agreed salary and/or dividends to cash flow.  We highlight the importance of implementing this properly with the correct documentation to avoid an unwanted tax bite.

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High risk investments with generous tax reliefs - The Enterprise Investment Scheme and Seed Enterprise Investment Scheme 

In this article, we provide an overview of the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) - the government incentives designed to encourage investment in high risk, small and medium-sized unquoted trading companies.

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Executors – Can your estate follow the informal procedure for estate taxes?

There are certain self-assessment rules that apply to personal representatives (PRs). We explore these and the instances where a simplified informal procedure can be adopted, explaining the qualifying criteria for such estates.

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Is now the time to make lifetime gifts?

One of the main ways to reduce the inheritance tax (IHT) payable on death is to transfer assets during life to avoid them becoming part of an estate. Now, while the markets remain unpredictable, could be the perfect time to consider your estate planning options.

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Trust Registration Service – Are you up to date with the current rules for registration?

In 2017, HMRC introduced the Trust Registration Service (TRS)  in order to comply with the fourth Anti-Money Laundering Directive (AMLD). Here, we depict the changes in 5MLD that affect trusts, what to do if your trust is already registered, and what will happen if you fail to comply.

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Sharia financing for UK property transactions

The UK property market has historically been seen as a stable and lucrative investment for overseas buyers, many of which have originated from the Middle East. In this article, we discuss why it important to take UK tax advice if you’re considering a Sharia compliant structure to purchase a property portfolio in the UK.

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Want to read our previous articles?

Summer edition - 2020 

In this edition, you'll find two articles on different ways to reduce inheritance tax, one of which can be implemented after death. With lockdown putting pressure on all relationships, we share tax considerations for those thinking about separation or divorce. And finally, we explore the tax benefits of ISAs and give practical guidance for those with National Insurance Contribution gaps.

 

Spring edition - 2020 

In this edition we look at practical steps to to take to reduce your 2019/20 tax bill, urgent action required on selling residential property and guidance from HMRC regarding the location of cryptocurrencies for tax purposes. We also review the impact of a recent case regarding abandoned construction contracts and delve into trusts and considerations before their use and structuring.

 

Autumn edition - 2019
In this edition, see how Gift Aid can reduce your tax bill, catch up on an important notice for those claiming Entrepreneurs Relief, and read guidance around the crucial difference between lasting power of attorney and executors. We also take a look at how to navigate your way through your financial obligations after the death of a loved one.  

Summer edition - 2019 
Read our advice on how to deal with phone scammers, an introduction to cryptocurrency, guidance around securing you and your family's financial future as well as our thoughts on new Prime Minister Boris Johnson's proposed higher-rate tax cut.

Looking for more information?

If you have a query about any of the topics mentioned in this article, please fill in the form below and one of our experts will be in touch.

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