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March 12, 2014

News & Views from PD Tax - Spring 2014

A roundup of the latest news from the world of tax for individuals, businesses and professional advisers.

Click on the links below to view the full articles.

Do Nil Rate Legacies include the Transferable Nil Rate Band?

Loring v Woodland Trust highlights the care that must be taken when interpreting (and drafting) nil rate band legacies in wills.

Employee Share Ownership Update

A summary of some recent changes to the rules for; employee shareholders, EMI share option schemes and share incentive plans

Business Property Relief Update

New technical guidance is available regarding the impact on BPR of (a) surplus cash, and (b) partnership structures.

Is a Dividend Waiver a Settlement?

HMRC continue to pay close attention to income splitting between spouses and successfully challenged the use of dividend waivers in the case of Donovan and Mclaren v HMRC.

Associated Companies - Meaning of Minimum Controlling Combination

The case of Ghelanis Superstore and Cash and Carry Ltd v HMRC examines the meaning of the term "minimum controlling shareholding combination".

Gift with Reservation of Benefit - Taxpayer Wins IHT Appeal

The inheritance tax case of Buzzoni and Others v HMRC concerning gifts with reservation of benefit was recently found in favour of the taxpayer by the Court of Appeal.

Two Different Verdicts in Negligible Value Cases

The First Tier Tribunal has recently heard two cases posing different questions as to whether shares are of negligible value.

Entrepreneurs Relief - Disposal within 3 years of ceasing to trade

Case outcomes in relation to Entrepreneurs' Relief are always of significant interest given the "Holy Grail" 10% tax rate potentially available.

HMRC Continue to Target Swiss Bank Account Holders

UK taxpayers with Swiss bank accounts should ensure that their tax affairs are up to date or risk a HMRC enquiry.

Contact us today to discuss your tax requirements.
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