Recent Articles

Computer Says No

June 28, 2016 | Wills and Probate

In January 2016, the First-Tier Tribunal Tax Chamber determined an appeal made by Mr Halford against a penalty imposed on him for late payment of tax. Mr Halford appealed a £72 fine and interest levied against him because he had failed to pay his income tax on time. Mr Halford completed his tax return online(Read more)

HMRC Opens Consultation on New Corporate Tax Offence

June 07, 2016 | Wills and Probate

HMRC has opened a second consultation in relation to draft legislation for the corporate offence of failure to prevent the criminal facilitation of tax evasion. The first consultation on this new offence took place in July 2015 with a first draft of the legislation being produced in December 2015. A revised draft has now been(Read more)

The Panama Papers: Now a Searchable Database

June 03, 2016 | Wills and Probate

Earlier this month, the International Consortium of Investigative Journalists (ICJI) published a searchable database of some of the information revealed as part of the Panama Papers investigation. The ICIJ has made it very clear on their website that no-one named in the database is thereby implicated in any wrong doing.  The database covers 40 years(Read more)

Taxpayers to Pay to Appeal to Tribunals

May 13, 2016 | Wills and Probate

The Ministry of Justice have decided to proceed with its proposals to introduce fees to be paid by the users of the Tax Chamber of the First-tier Tribunal and the Tax and Chancery Chamber of the Upper Tribunal.  The fee proposals for the Tax Tribunals are now: Paper case: £50 issue fee (£50 total); Basic(Read more)

Renewals Allowance Abolished

May 13, 2016 | Wills and Probate

The renewals allowance for property businesses is to be repealed.  Alternative provisions now provide relief for this type of expenditure under the capital allowances regime or the new replacement relief for landlords.  The measure came into force for expenditure incurred on or after 6 April 2016 for income tax and from 1 April 2016 for(Read more)

New Minimum Wage Rates

May 13, 2016 | Employment, Business Services, Wills and Probate

The Low Pay Commission’s recommendations for increasing the national minimum wage from next October have been approved.  The new rates will be as follows:   From 1 October 2016 Until 1 October 2016 Adult hourly rate (21-24 year olds) £6.95 £6.70 18-20 year olds £5.55 £5.30 16-17 year olds £4.00 £3.87 Apprentice Rate £3.40 £3.30(Read more)

Annual Charge on Enveloped Dwellings (ATED) Threshold Lowered

May 13, 2016 | Wills and Probate

From 1 April 2016 ATED applies to residential properties worth more than £500,000 which are owned by non-natural persons such as companies, trusts or other investment vehicles.  The chargeable amounts from 1 April 2016 to 31 March 2017 are as follows:       Property Value Annual Charge (£) Over £500,000 but less than £1(Read more)

Credit Card Tax Payments

May 13, 2016 | Wills and Probate

The single 1.5% fee charged by HM Revenue & Customs to taxpayers who pay their tax by credit card is being replaced by several rates following the introduction of an EU regulation in December 2015 which capped at 0.3% the interchange element of the charge for personal credit cards.   The new rates vary from(Read more)

Record Yield from Inheritance Tax

May 13, 2016 | Wills and Probate

The government’s inheritance tax receipts jumped to £4.6 billion in the year to February 2016 which is up 21% from the £3.8 billion in the previous year.  The increase is mainly because of the rise and the value of properties.  The £325,000 inheritance tax threshold has not been changed for seven years with the result(Read more)

STEP (Thames Valley Branch) Presentation of Multi-Disciplinary Case Study at Boyes Turner, Reading on 10 May 2016

May 12, 2016 | Wills and Probate

Head of Private Client, Christopher Parker, presented an approach from the lawyer's perspective to advising a family how to meet their different, and often conflicting, objectives based on a complex pre-retirement case history in order to achieve a tax efficient means of preserving and transmitting the family's wealth in assets totalling over £7m. whilst allowing(Read more)