This week the Chancellor of the Exchequer delivered his Spring 2023 Budget.
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The TRS machine has been rumbling along for some years now. It was introduced to counter concerns that money and other assets can be hidden inside legal vehicles such as trusts and companies. The scope of TRS has been broadened during its journey and it is now a formidable system, underpinned by significant penalties for non-compliance. Trustees who choose to ignore the requirements do so at their own peril.
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A few weeks ago all the indications from the Treasury suggested that the Chancellor of the Exchequer would have little or nothing to say about tax on 23rd March. However the Chancellor himself turned this around, making it clear that he wants to be remembered as a tax-cutting Chancellor.
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The corporation tax clock is ticking steadily. For many years the main rate has been held at 19% with prospects of an even lower rate. This highly competitive rate internationally is set to increase following the Government’s huge outlay since Coronavirus struck in March 2020. After all someone has got to pick up the bill and companies don’t vote…!
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Here are a few interesting facts about the consequences of understating the true worth of a death estate for the purposes of calculating inheritance tax (IHT)
Read ArticleThe chancellor, Rishi Sunak, announced his budget to the House of Commons on 27th October 2021. Read on to see our overview, or to get a PDF of our full budget summary.
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The government has just announced some important postponements in its efforts to fully digitalise and streamline the UK tax system. A parliamentary statement was presented to the House of Commons by Lucy Frazer, the new Financial Secretary to the Treasury, on 23 September 2021. So what is on hold and for how long?
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The recently announced health and social care tax (or the national insurance and dividend tax hike) are covered in more detail
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Another change in the assessment of business profits is on its way…
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The following is an actual case reported in Taxation recently and considered at some length by a contributing barrister.
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This note revisits the UK capital taxes scene where there is growing conviction that significant changes are imminent.
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23rd March 2021 was going to be the tax day of days. It had been announced by the Chancellor of the Exchequer himself and given the background of a rather thin Budget on 3rd March this event was going to make all the difference. The media hyped it up no end and produced a whole string of likely changes which the Chancellor was considering in an effort to stabilise the UK economy. But it wasn’t to be.
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Mr Sunak has not found this Budget at all easy. He is convinced that thanks to the vaccines the UK economy is on its way to a swift and sustained recovery. He has had to pick his way through conflicting demands very carefully. Somehow he has to hold the economy together, do all he can to keep people in employment, help those without jobs, assist specific industries and sectors which have been particularly affected by the pandemic, check future borrowing, start repaying debt - the list is endless.
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50 years ago this month the UK finally adopted decimal currency. Despite the fact that the pound sterling was (and is) the oldest national currency in use the UK was one of the last countries to decimalise.
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HM Treasury has revised its benefit-in-kind (BIK) rates for 2020/21 forward.
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The Chancellor has gone public this week along with the Prime Minister in an effort to assure Conservative party colleagues that his over-riding concern is to drive the economy forward, protect employment and achieve a sustainable level of public finances
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It had to come! It was announced in 2016 and HMRC is not backing off. Indeed the Covid-19 pandemic has underlined the fact that HMRC needs to be in real time.
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These letters have been part of HMRC’s armoury for about 10 years and are definitely here to stay.
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This basic drill, with a few variations to cater for people with special needs, is all covered by The Wills Act 1837 which tells its own story. For a procedure to have been on the statute book for 183 years is good going. But enter Covid-19 and social distancing…. what happens now?
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