HMRC’s annual ‘compliance yield’ from wealthy taxpayers more than doubled from GBP2.2 billion in the 2019/20 tax year to GBP5.2 billion in 2023/24, according to a report from the government’s National Audit Office (NAO). The NAO says the large increase suggests that underlying levels of non-compliance among the wealthy population could be greater than previously...
A woman who lived rent-free in a house settled in an offshore trust by her late husband was liable to GBP163,414 income tax under the transfer of assets abroad (TOAA) legislation even though she was not the transferor, the First-tier Tax Tribunal has ruled (Moran v HMRC, 2025 UKFTT 540 TC). It ruled that the ‘motive defence’...
A couple who bought a property for GBP9.75 million, demolished and rebuilt it, then sold it for GBP27.15 million, have won their appeal against a GBP3.3 million capital gains tax charge. Raymond and Diana Eyre successfully claimed they were not developing in the nature of a trade and the house was their principal private residence...
TAXATION: Agents given access to personal tax query resolution service HMRC’s new personal tax query resolution service for agents is now live, offering representatives a quicker way of chasing up unanswered queries to HMRC’s helplines. Before using the service, agents must check the ‘where’s my reply tool’, with at least 20 working days having passed...
TAXATION: Companies cautioned over using prepaid debit cards for tax-free profit extraction HMRC is warning companies not to use a scheme that uses advertising and marketing expenditure to reduce taxable profits and disguise employment income in the form of redeemable loyalty points. Scheme users buy advertising from the arrangement’s promoter and claim a deduction for...
Improved Processes for Trusts and Estates: What You Need to Know Managing trusts and estates can often feel overwhelming, especially given the intricate legal and tax-related responsibilities. However, recent changes in the UK have streamlined these processes for trusts and estates, bringing much-needed clarity and efficiency for both professionals and individuals. This post explores the...
At Care Accountancy, we understand the importance of efficient probate processing for our clients. In recent developments, the Probate Service has significantly reduced the turnaround time for digital probate applications, particularly in straightforward cases. This improvement is a welcome change for many families navigating the complexities of estate administration. Significant Reduction in Processing Delays...
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...
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...
What are the PETs and Gifts With Reservation of Benefit (GROB)? A gift, often referred to as a potentially exempt transfer (PET), is a transfer of value, such as an outright gift to a person or a willing sale of property while the owner is still alive. For Inheritance Tax (IHT) reasons, the value represents...
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Copyright by CareAccountancy. All rights reserved.
