Precise

Latest News

HMRC Provide Calculator for New IHT Relief

Like many pieces of tax legislation, the 'additional threshold' (AT) for Inheritance Tax (IHT) – which, in simple terms, limits the potential IHT charge on high-value residential properties – is a lot more complicated than it looks at first...

Your Right to Claim Tax Relief on Losses Dies With You

You can claim tax relief if assets that you have acquired become worthless or loans that you have advanced prove to be irrecoverable. However, in a case that will be required reading for tax professionals, the Upper Tribunal (UT) has ruled that the right...

Have You Checked Your Investment Adviser's Credentials?

Investment advice is best obtained from authorised professionals and it is unwise to rely on friends' recommendations, no matter how trustworthy they may appear. In one case that proved the point, a currency trader who turned to fraud and lost £500,000...

Tax Law No Respecter of (Cultural) Tradition

An argument that assets which HM Revenue and Customs (HMRC) said belonged to a deceased man (and were thus subject to Inheritance Tax) were actually owned in whole or in part by his son was rejected by the First-tier Tribunal (FTT) recently . After the son...

Financial Advice to Become More Common?

We have often written about the dangers of taking advice from unqualified and/or unregulated advisers. A recent change in the regulations surrounding financial advice will cause some concern for those with friends or relatives who may be influenced by...

Bank Mistake - HMRC Still Levy Penalty

When a taxpayer named Mr Coomber sent his cheque by post to HM Revenue and Customs (HMRC) to settle his tax demand, he thought that would be the end of the matter. He paid the tax bill on 2 February 2016 and, as late as 1 March 2016, HMRC mistakenly told...

Tax Penalties Avoided for Those Affected by IT Glitch

With HM Revenue and Customs (HMRC) pressing ahead with plans to make 'customers' deal with them only digitally, it is good to see that when a system issue with the EE network meant that some of the company's customers were unable to access the HMRC website...

Woman Aged 96 Wins £223,000 for Negligent Investment Advice

The complexities of financial advice can be bamboozling, particularly for the elderly, but one High Court case – in which a 96-year-old woman won more than £220,000 in damages in respect of negligent advice – strikingly showed that expert...

Tax Evasion Assistance - Changes in the Law

New rules which came into effect on 1 January 2017 will see professionals who deliberately aid clients to evade (not avoid, which is legal) tax saddled with penalties of the higher of £3,000 or 100 per cent of the tax they helped their client evade. ...

Where is a Taxpayer 'Ordinarily Resident'?

The answer to the vital question of whether a taxpayer is 'ordinarily resident' in the UK depends on many factors. In one such case, a billionaire businessman received an £84 million tax bill after HM Revenue and Customs (HMRC) refused to accept that...
  • Page 1 of 10