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When an investment is made in a capital asset that subsequently becomes valueless, the loss can normally be used to reduce future liabilities to Capital Gains Tax when a capital asset is sold at a profit. There are also rules which permit trading expenses...

Scams of all shapes and sizes are becoming depressingly frequent and the Financial Conduct Authority (FCA) has warned against the rising tide of pensions scams that leave people facing years of misery in retirement as a result of passing their pension funds...

Those who make a profit on the sale of their principal private residence do not have to pay Capital Gains Tax (CGT) on it. However, as a test case concerning a couple who built their own home showed, that apparently simple statement disguises a hinterland of...

When the Finance Act 2006 came into force, it introduced a ten-year charge on discretionary trusts containing 'relevant property'. Most discretionary trusts that were started after 21 March 2006, other than those covered by specific exemptions, will carry...

If you are approaching pension age, unless you are one of the increasingly few with a salary-related pension scheme, you would be wise to take professional advice before you take any irrevocable action. The decisions taken at certain points in managing your...

Despite strong representations from the professional community, HM Revenue and Customs (HMRC) have decided that they will stick with a 30-day initial payment requirement for Capital Gains Tax (CGT) on residential property gains for disposals after April...

It is a stressful and unhappy enough time when a loved one dies, but the anguish of those mourning the loss can be compounded when there are complications over payments to care homes which seem excessive. Recently, the Competition and Markets Authority...

Taxpayers are personally responsible for filing their tax returns on time, and failing to do so can lead to stiff financial penalties. However, in one case, the First-tier Tribunal (FTT) ruled that a self-employed website developer whose accountants lost all...

There are special rules for people working in the UK on short-term secondment from employers based abroad. Many do not become taxpayers under the UK tax system. When one such person contacted HM Revenue and Customs (HMRC) to clarify his position, he was...

When valuing a property for Inheritance Tax (IHT) purposes, is it legitimate to take into account its potential for enlargement or improvement – so-called 'hope value'? In a guideline ruling, the Upper Tribunal (UT) has answered that question in the...