Displaying 1-30 of 51 results
Exclusive
FARMING AND RURAL BUSINESS COMMUNITY
Clarity on the tax treatment of land held in environmental schemes
- Apr 2024
- David Missen
- Farming and Rural Business Community News
It seems a long time ago that the consultation on the taxation of environmental land management schemes was launched. The consultation period ended in June and, after what must have been considerable contemplation, a response was issued within the appendices to the March 2024 Budget.
INSIGHTS VIEWPOINT
New guidance on applying for help with paying IHT
- Apr 2024
- ICAEW Insights
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Tax news in brief 24 January 2024
- Jan 2024
Highlights from the broader tax news for the week ending 24 January 2024, including: time to pay arrangements; preparing for changes on moving goods from Ireland to Great Britain; HMRC research on VAT penalty reform; insolvency guidance on operating PAYE; and updates to the process for applying for probate.
PERSONAL FINANCIAL PLANNING COMMUNITY
Trusts – their use in Personal Financial Planning
- Jan 2024
- Anthony McManus
An explanation of the role of trusts in personal financial planning.
PROFESSIONAL STANDARDS DEPARTMENT
HMCTS update on delays in probate applications
- Nov 2023
- Professional Standards Department
- Probate News
As a member of the Probate Service User Group, the ICAEW Regulatory Policy team regularly meet with Her Majesty's Courts and Tribunals Service (HMCTS) to raise your questions and feedback. Find out what improvements are being planned for Autumn 2023 in HMCTS.
Exclusive
FARMING AND RURAL BUSINESS COMMUNITY
Development land tax pitfalls – deferred consideration
- Oct 2023
- Julie Butler
- Farming and Rural Business Community News
Despite all the news about the housing sector slowing down, the demand for farmland for development has remained strong, with reduced profit margins due to costs. Tax on the sale of land for development can be very complicated. In most cases the gain on the sale of land should be chargeable to capital gains tax (CGT) but in some cases the profit can be charged to income tax and this takes considerable planning in advance.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
IFS examines options for reforming inheritance tax
- Oct 2023
- ICAEW
In its recent report, the Institute for Fiscal Studies (IFS) considers several options for reforming inheritance tax (IHT). These include raising the IHT nil rate band (NRB), or capping key IHT reliefs such as business property relief (BPR) and agricultural property relief (APR).
Exclusive
TAX FACULTY
Home loan schemes under the spotlight
- Sep 2023
- Andrew Cockman
- Taxline
Andrew Cockman reviews the recent Elborne First-tier Tribunal decision and considers the practical impacts the case may have for practitioners with clients who still have home loan schemes in place.
Exclusive
TAX FACULTY
Inheritance tax: pitfalls and planning points
- Aug 2023
- Mei Lim Cooper
- Taxline
Inheritance tax has been in the public eye again in recent months, sparking media debate on the merits and demerits of one of the UK’s least favourite taxes. Mei Lim Cooper looks at some of the pitfalls and planning points for inheritance tax as it stands.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Have your say: HMRC consultation on employee ownership trusts and employee benefit trusts
- Aug 2023
- ICAEW
Reforms to the tax treatment of EOTs and EBTs proposed in the paper are intended to focus the rules more effectively on the policy objectives of rewarding employees and encouraging more employee engagement. Another objective is to prevent tax advantages being obtained through the use of these trusts outside their intended purposes.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
HMRC guidance on digital records and signatures
- Jul 2023
- ICAEW
HMRC confirmed its position on digital records and signatures in Agent Update 110. ICAEW’s Tax Faculty is encouraging HMRC to conduct a wider review of this area.
Tax and tax alike: postcards from abroad
- Jul 2023
- ICAEW Insights
The UK’s national tax burden is on the up and people’s expectations of fiscal policy are shifting. We tour the globe to discover how the UK’s taxes compare internationally.
PRACTITIONER BUSINESS ADVISERS COMMUNITY
PRACTICE DEPARTMENT
Time limit for negligence payments
- Apr 2023
- Bloomsbury Professional
Mark McLaughlin, Bloomsbury Professional author, looks at the time limit for damages claims in respect of negligent tax advice and warns that it could be much longer than many practitioners might assume.
Exclusive
FARMING AND RURAL BUSINESS COMMUNITY
Spring Budget 2023
- Apr 2023
- David Missen & Mark Lumsdon-Taylor
- Farming and Rural Business Community News
The Spring Budget has given the profession plenty to think about. The following articles look at if from three different angles.
Exclusive
TAX FACULTY
Tax thresholds in deep freeze
- Mar 2023
- Mei Lim Cooper, Technical Manager, Personal Tax, ICAEW
- Taxline
Following the Spring Budget on 15 March, Mei Lim Cooper considers the effects of frozen tax thresholds. With some thresholds static until 2028, more taxpayers will find themselves paying a tax for the first time, or at higher rates.
Exclusive
TAX FACULTY
When interest in possession meets IHT
- Mar 2023
- Mark McLaughlin
- Taxline
Mark McLaughlin looks at interests in possession and how they might be identified, which is essential to establish the correct IHT liability.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Autumn Statement: Threshold freezes create stealth tax increases
- Nov 2022
- ICAEW
The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.
Exclusive
FARMING AND RURAL BUSINESS COMMUNITY
Land registry issues
- Jul 2022
- Keith Plillips
- Farming and Rural Business Community News
A change of policy by the Inheritance Team at HMRC has led to issues at the Land Registry where charges are being applied to land where the ownership details are being updated following a death in the name into the names of the beneficiary. Previously, to register land, an application for a clearance certificate (IHT30) was historically automatically sent out by HMRC. Now these need to be applied for.
Exclusive
FARMING AND RURAL BUSINESS COMMUNITY
Will land in fully environmental usage still be eligible for APR?
- Mar 2022
- David Missen
- Farming and Rural Business Community News
With the general move towards ‘greener’ farming following on from the Health and Harmony consultation and the Agriculture Act, some concerns have been raised as to whether land which is put into long term schemes that are fundamentally environmental rather than agricultural will still be eligible for the existing Inheritance Tax reliefs.
Exclusive
TAX FACULTY
Gifts with reservation: de minimis and other let-outs
- Feb 2022
- Mark McLaughlin
- Taxline
Mark McLaughlin points out some important exceptions from the inheritance tax gifts with reservation anti-avoidance provisions affecting gifts.
Exclusive
TAX FACULTY
FACULTIES ONLINE
Is it a business or not?
- Feb 2022
- Julie Butler
- Taxline
Julie Butler explains why the Babylon Farm case highlights the need to focus on the economic activity for VAT and other taxes too.
Exclusive
TAX FACULTY
FACULTIES ONLINE
How many transferable inheritance tax nil rate bands?
- Jan 2022
- Mark McLaughlin
- Taxline
Mark McLaughlin, CTA (Fellow), ATT (Fellow), TEP, offers some useful inheritance tax planning points, as well as guiding you through the pitfalls surrounding the transferable inheritance tax nil rate band.
PRACTICE DEPARTMENT
Cryptocurrency and taxation
- Dec 2021
- ICAEW
The increased interest in Cryptocurrency raises many interesting tax issues for professional and amateur investors investing in cryptocurrency and cryptocurrency entrepreneurs creating new crypto businesses. This article outlines the significant tax issues a tax professional may encounter in relation to cryptocurrency.
Exclusive
TAX FACULTY
FACULTIES ONLINE
Changes to the inheritance tax reporting rules
- Dec 2021
- Lindsey Wicks
- Taxline
Changes to the excepted estate rules announced this year will apply from January 1, 2022. ICAEW technical editor Lindsey Wicks looks at the effects as more than 90% of non-taxpaying estates will no longer have to complete full inheritance tax accounts.
The benefits of professional collaboration
- Nov 2021
This inheritance tax and estate planning guide aims to raise awareness of the opportunities for chartered accountants to work more collaboratively with regulated financial advisers and other personal financial planning professionals.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Tax news in brief
- Oct 2021
Highlights from the broader tax news week ending 26 October, which includes: new legislation for the health and social care levy and simplifying inheritance tax rules. A deadline reminder for final CJRS claims, more agent webinars from HMRC and confirmation that HGV drivers on temporary visas are not entitled to tax relief on accommodation.
Exclusive
TAX FACULTY
FACULTIES ONLINE
Farm business tenancies after Brexit
- Oct 2021
- Julie Butler and Libby James
- Taxline
Julie Butler and Libby James investigate how farm business tenancies (FBTs) and contract farming arrangements (CFAs) will be affected as we move from the EU’s common agricultural policy to a new farm support system, with reference to inheritance tax and capital gains tax.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Tax news in brief
- Jul 2021
Highlights from the broader tax news week ending 28 July, which includes the opportunity to attend a free webinar from the Office of Tax Simplification updating on its work and confirmation from HMRC of which inheritance tax forms are not available online.
TAX FACULTY
FACULTIES ONLINE
Inheritance tax reform
- Jul 2021
- Lindsey Wicks
- Taxline
Freezing inheritance tax thresholds was not widely anticipated ahead of the Spring 2021 Budget. Lindsey Wicks considers how the move will affect post-pandemic government revenue and social mobility, and reviews reports on inheritance and capital taxation from the Institute for Fiscal Studies, the Treasury Select Committee and the OECD.
TAX FACULTY
FACULTIES ONLINE
COVID-19 and the future of tax
- May 2021
- Frank Haskew, Martin Wheatcroft, Sarah-Jayne Russell
- Taxline
How will the Exchequer cover the costs of the economic support and stimulus packages caused by the pandemic? A reduction in defence spend, changes to business rates, corporation, capital gains and inheritance taxes; a wealth tax?
Displaying 1-30 of 51 results
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