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December 19, 2014

News & Views from PD Tax - December 2014

A roundup of the latest news from the world of tax including changes to pensions, a summary of the Autumn Statement and recent tax cases of interest.

Click on the links below to view the full articles

Spotlight on Pension Flexibility

Changes to pensions have increased flexibility and brought pension contributions firmly back into the spotlight, making them a much more attractive option for directors/owners.

Autumn Statement 2014 Update

The highlights of some of the recent changes announced in the Autumn Statement, including changes to Stamp Duty Land Tax, the transfer of personal allowances between spouses and putting a stop to incorporation reliefs for goodwill.

Can You Claim Tax Relief for Repaid Bonus?

The Upper-Tier Tribunal found that an employee re-paying a bonus should receive tax relief because the repayment bonus amounted to ‘negative pay’ for the employee.

What Evidence is Necessary to Support Private Residence Relief?

An illustration of the kind of factors that the tribunal will consider when assessing whether or not you can claim for private residence relief on capital gains tax.

Entrepreneurs’ Relief – Employee Not on Payroll

The case of Susan Corbett v HMRC examines the criteria for Entrepreneurs’ Relief for the sale of shares in a trading company

Was a Termination Payment non-taxable?

This case illustrates the importance of carefully weighing up the benefits/risk of accepting an offer from HMRC before bringing tribunal proceedings.

Loring v Woodland Trust – Court of Appeal Decision

The Court of Appeal unanimously upheld an earlier decision by the High Court, such that the amount of a nil rate band legacy was held to include the transferable nil rate band available to the deceased.

Can Executors of an Estate Make a Claim for Losses of behalf of the Deceased?

In Executors of Leadle Dec’d v HMRC, it was held that Executors of an estate could make claims in relation to the deceased’s tax affairs prior to death as they were able to make the same claims that the deceased could make.

When can Taxpayers Rely on Legitimate Expectation?

A look at legitimate expectation and the circumstances in which a taxpayer can rely on a statement or guidance provided by HMRC, even if that advice later proves to be incorrect.

Changes to Planning laws and IHT Impact for Farmers

A quick look at how the Town & Country Planning rules will affect availability to agricultural property relief and business property relief.

Can Paintings be “Plant and Machinery”?

The Castle Howard case examines whether a painting loaned for public display qualifies as ‘plant and machinery’ for the purposes of beneficial capital gains tax treatment.

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