News and insight

As Brexit date is uncertain (i.e. 31 October 2019, 31 January 2020 or whenever it may be), EU nationals and their non-EU family members need to think about how they can protect their status in the UK

Although tax may be automatically deducted from wages, pensions and savings, the onus is on the taxpayer to self-assess and inform HMRC of anything which is untaxed or under-taxed

The OTS has suggested significant inheritance tax reforms, focusing on interactions of IHT with CGT, Agricultural Property Relief and Business Property Relief, and Lifetime gifts

The DPA 2018 broadens the 'legal privilege' defence to allow law firms to resist subject access requests to the extent that documents are the subject of a duty of confidentiality

Must trustees and their advisors give information to beneficiaries if it is requested under data protection rules?

Combining the mixed fund rules and the cleansing rules presents opportunities, but non-doms must act now as the chance to 'cleanse' mixed funds is only available until 5 April 2019.

If your affairs involve income or assets outside the UK and your UK tax filings up to 5 April 2017 for these offshore matters are not perfect, from 30 September 2018 you face stringent new penalties.

HMRC have released revised guidance on the Requirement to Correct which appears to extend the disclosure period in which lower penalties apply. 

HMRC is writing to UK residents who have accounts in the US. If you have received income or gains on a US account you should, in most cases, have declared these on your UK tax returns.

A case this year has at long last seen HMRC lose a challenge on the availability of IHT relief on a holiday cottage business.

Recent changes in the immigration rules will mean that dependants, as well as visa holders, will need to spend significant time in the UK if they want to qualify for indefinite leave to remain.

The draft Finance Bill will curtail tax planning for offshore trusts. Distributions to non-UK residents will no longer reduce accumulated gains and residents could be taxed on receipt of onward gifts.