The UK’s Autumn Budget revealed a series of enhancements to allow more companies to benefit from the enterprise management incentive (EMI) scheme. From April 2026, the eligibility criteria will be expanded to include companies with up to 500 employees and gross assets of up to GBP120 million (previously 250 employees and GBP30 million). The total...
High-net-worth taxpayers are receiving letters from HMRC asking them to check they meet the criteria for foreign tax credit relief under relevant double tax agreements, before making a claim in their self-assessment tax return for 2024/25. Disclaimer The information on this Blog is for general purposes only on matters of interest. The Company assumes no...
In order for the dwelling house to be a valid residence for PPR relief, from 6 April 2015, there is a statutory condition that must be fulfilled and is assessed every tax year from 2015/16 onwards. This anti-avoidance rule was introduced as part of the NRCGT rules. Any tax year which is ‘non-qualifying’ is treated...
Trust must pay exit tax despite UK law’s EU-incompatible provisions. The Upper Tax Tribunal upheld the decision requiring a trust that moved from the UK to Cyprus in 2004 to pay an exit tax on its assets, despite UK capital gains tax (CGT) law at the time conflicting with European Union (EU) law. The tribunal...
Deceased’s Maltese properties were not held in trusts, says FTT The First-tier Tax Tribunal (FTT) has upheld HMRC’s determination that foreign properties part-owned by a deceased man were not held by a trust settled by a person domiciled outside the UK. They were thus liable to inheritance tax under s.5(1) of the Inheritance Tax Act 1984....
Understanding your ownership structure is vital when co-owning property, especially if you wish to control how your share of the property is handled after your passing. One important legal concept for property owners is the severance of tenancy, a process that can protect your interests and ensure your estate is distributed according to your...
LAND AND PROPERTY: In Matthews v Matthews (2024 EWHC 2182 Ch), a solicitor acting on behalf of an elderly farmer attempted to sell some of his land to cover tax bills and care fees. This sale was challenged by the farmer’s second cousin, who claimed a prior right of first refusal at market price. The...
Starting October 1st, courts in England and Wales will be able to impose legal costs on parties involved in Trusts of Land and Appointment of Trustees Act 1996 (TOLATA) and Inheritance (Provision for Family and Dependants) Act 1975 disputes who decline to participate in non-court dispute resolution methods, such as mediation. This authority, previously limited...
Capital Allowances – Super Deduction and Special Rate Allowance On March 3, 2021, the Government announced two temporary first-year allowances to aid in the economic recovery from the COVID-19 pandemic and stimulate business investment in new technology and equipment known as the “Super Deduction” and the “Special Rate (SR) Allowance”. UK Companies investing in new...
GRAB THE OPPORTUNITY BRIDGE THE GAPS IN NATIONAL INSURANCE CONTRIBUTIONS AND AVAIL THE FULL STATE PENSION NIC is the tax paid by employees, self-employed, and employers on behalf of their employees. It can help you qualify for certain benefits such as state pension and other allowances depending on the type of NIC, the adequacy...
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Copyright by CareAccountancy. All rights reserved.
