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Tax news 2020 - May issue
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There’s no limit
When considering a lifetime gift of cash between individuals, thenatural tendency for some taxpayers and advisers is to focus on the inheritance tax (IHT) potentially exempt transfer (PET) rules, and the availability of the nil rate band in case the donor dies within the following seven years. In this article, the TACS Partnership highlights a generous but often overlooked inheritance tax exemption.
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Settlor interested trusts: Income tax considerations
HMRC have for many years held the view that individual taxpayers use trusts to avoid tax. For some taxpayers this may be true; but it is by no means true of all taxpayers. Malcolm Finney looks at anti-avoidance provisions for settlor-interested trusts.
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R&D relief for SMEs: Getting it right
Lee Sharpe looks at the valuable research and development tax relief and points out some potential pitfalls.
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De-registering for VAT: What are the effects?
A business can de-register for VAT if its turnover falls below the de-registration threshold,
which is currently £83,000 per annum. Andrew Needham looks at the advantages and potential pitfalls of de-registering for VAT. -
Tax case reviews
Mark McLaughlin reviews two recent important tax cases:
- Private residence relief: Property was not occupied as a residence
- SDLT: Property was not ‘mixed use’ but entirely residential
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Tax-efficient profit extraction in 2020/21: What is the ‘optimal’ salary?
With the 2020/21 tax year now underway, it is sensible to consider tax-efficient profit extraction strategies for those operating via personal and family companies. Sarah Bradford looks at profit extraction strategies for 2020/21 and the level of optimal salary.
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Now is the time!
Peter Rayney considers the tax implications of winding-up a long-running family trust.
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Q&As with Arthur Weller
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