News and insight

We consider the recommendations in the Office of Tax Simplification report, possible Capital Gains Tax changes in 2021 and their practical implications

On 6 October we were joined by Sir Edward Troup, who gave an insider’s view of possible tax changes affecting Private Wealth

We consider Inheritance Tax changes for Trusts in the 2020 Finance Bill and urgent restructuring which trustees and settlors may want to consider where they have excluded property trusts

The FTT decided it had authority to determine the taxpayer’s domicile status during an application for a closure notice and appeal against an information notice

The Upper-Tier Tribunal decision in Fisher v HMRC has clarified the scope of the Transfer of Assets Abroad code and the applicability of the motive defence

HMRC’s new draft Charter has some encouraging additions but a few concerning omissions will hopefully be amended before it is finalised

Is the intention to make the UK the principal home for naturalisation purposes consistent with the non-domiciled status?

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

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 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.

Companies subject to the Annual Tax on Enveloped Dwellings (ATED) will need to review before April 2018 whether the new 1 April 2017 ATED valuation date will place them into a different ATED band.