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.
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.
Lee Sharpe looks at the valuable research and development tax relief and points out some potential pitfalls.
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.
Mark McLaughlin reviews two recent important tax cases:
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.
Peter Rayney considers the tax implications of winding-up a long-running family trust.