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Record Amounts of Inheritance Tax Being Paid in UK

A record amount of Inheritance Tax (IHT) is being recouped from UK taxpayers by the Treasury, according to recent data published by HM Revenue and Customs. The statistics, released in late August, show that £2.1 billion was collected by the government...

Promoted to Partner in an LLP? Do You Understand the Tax Implications?

Stepping up from the ranks to become a full partner in a limited liability partnership (LLP) involves a fundamental change in status from employment to self-employment. The tax consequences of that shift came under analysis in an important Upper Tribunal...

Inaccuracies In Your Tax Return Are Serious - Seek Professional Advice

Any inaccuracy when filling in your tax return can have severe consequences, so it really does make sense to seek professional assistance. The point was powerfully made by the case of a financier who narrowly escaped a stiff financial penalty after failing...

HMRC in Bid to 'Help Taxpayers Get Their Offshore Tax Right'

The government is currently reviewing responses to its public consultation on helping taxpayers get their offshore tax right before it progresses to drafting new legislation on the issue. The consultation, which closed on 15 June, focused on how HM...

Changes in the Tax Regime - Public Information Campaigns Have Limitations

The tax regime is subject to constant change and it is generally up to taxpayers to keep their knowledge up to date in a fluid landscape. However, as a case concerning tax charged on high-income recipients of Child Benefit showed , HM Revenue and Customs...

You Are Entitled to Rely on Professional Tax Advice - Even If it is Wrong

Professional tax advice, however carefully considered, cannot always be correct, but you are generally entitled to rely on it. A tribunal made that point in relieving a retired executive of a tax bill that would have had a devastating impact on his...

Trusts - Court Relieves Family of Severe Tax Consequences of Drafting Error

Trusts are delicate and often complex legal instruments and any flaws in the wording of documents relating to them can have grave tax and other consequences. As a High Court case showed , however, inadvertent drafting errors can be corrected. The case...

Radio Presenter an Independent Contractor, Tax Tribunal Rules

The vexed distinction between employees and independent contractors is a constant source of dispute, not least in the realm of tax. Each case has to be decided on its own unique facts and, in one case, the Upper Tribunal (UT) ruled that a radio presenter...

Received Negligent Financial Advice? Consult a Solicitor Without Delay

If you believe that you have suffered loss due to negligent financial advice, there are powerful reasons why you should consult a lawyer straight away. In a case on point, an elderly couple who claimed to have been ill-advised to enter into an interest-only...

Tribunal Excludes Furnished Lettings Business from Inheritance Tax Relief

In a ruling of interest to anyone engaged in renting out furnished properties, the First-tier Tribunal (FTT) has taken a restrictive approach to the circumstances in which such enterprises may qualify for Business Property Relief (BPR) from Inheritance Tax...
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