Tax tips newsletter for professionals

The supplemental 3% stamp duty land tax (SDLT) charge (commonly known as the ‘supplemental charge’) applies to purchases of additional residential properties in England and Northern Ireland, such as buy-to-let and inherited property in common family situations. Transactions to which the supplemental charge applies are also known as ‘higher-rate transactions’. 

Simon Howley looks at the supplemental 3% stamp duty land tax charge on purchases of additional residential properties in England and Northern Ireland.   

The most basic use of a life policy for estate planning would be providing cover to protect against inheritance tax (IHT) charges arising on death or death arising within seven years of a lifetime gift.  

Malcolm Finney looks at the use of life policies for investment and estate planning purposes. 

The rules governing the deductibility of travel expenses predate the concept of hybrid working. Consequently, their application to hybrid workers is something of a less-than-perfect fit. The tax implications of travel expenses incurred by hybrid workers, and in particular whether a journey is a business journey or ordinary commuting, will not always be clear, and the correct treatment will depend on whether HMRC accepts that an employee’s home is a workplace. Depending on the nature of the employee’s working arrangements, this may be different on different days of the week.  

Sarah Bradford explores how the rules governing deductibility of travel expenses apply to hybrid workers. 

Unless a business is in trouble with HMRC or receives regular repayments of VAT, they are normally required to send in quarterly VAT returns. It is now mandatory for both the VAT return and the payment to be made electronically and payments must be received by HMRC (not just sent) seven days after the end of the month following the end of the VAT period – so if a business’s VAT return period ends on 31 October, HMRC must have the return and payment by 7 December. 

Andrew Needham looks at what a business can do to manage its payment of VAT. 

Mark McLaughlin reviews two recent important tax cases:

When selling their business, an individual may also sell personally hold assets used by it. In some circumstances, these assets may qualify for business asset disposal relief (BADR) in full or part, under the ‘associated disposals’ rules.

Joe Brough examines the qualifying criteria under the ‘associated disposals’ and when business asset disposal relief may be restricted.  

The trusts which most practitioners are familiar with are ‘express’ trusts (i.e., those which are deliberately created); there is a trust deed or a will, a named settlor, trustees and beneficiaries. The powers and duties of the trustees will be outlined, and everyone will know where they stand.  

Chris Thorpe briefly looks at what implied trusts are, and why it matters for tax purposes.