News by Service

Protecting the value of your home from IHT

4th November 2020
The residence nil rate band (RNRB) can increase the amount of your estate that will escape inheritance tax. But when can the RNRB apply and what steps can you take to ensure that your beneficiaries benefit from the tax savings?  Lauren Herbert discusses. Naturally, you want your beneficiaries to receive as much of your estate...

Planning a Trust for your kids?

3rd November 2020
You may think that having a Trust for your adult kids is a very sensible thing to do, indeed what could possibly go wrong? But the truth is that there are a number of potential tax pitfalls when parents transfer investment property into a discretionary trust for their adult children. Tax Expert Brona MacDougall takes...
Double cab pick-ups a ‘car’ not a van

Double cab pick-ups a ‘car’ not a van

29th October 2020
HMRC v Coca-Cola (GB) Ltd is a long running case centred on the definition of a company van. This decision matters because company cars are taxed more heavily than company vans that can be used privately. The case concerns double cab pick-ups that have a second row of seats behind the driver. The Court of...

Deferred your tax

5th October 2020
You took advantage of HMRC’s tax deferral schemes for VAT and income tax self-assessment because of coronavirus. But what options are there to pay and when is the best time to do it? Brona MacDougall takes a closer look Naturally, before you pay tax you want to look at your cashflow over the coming months...

Tax relief for farmers

2nd October 2020
You own and operate a farm, you are many years away from retirement but you would like to know about possible relief from inheritance tax, particularly in relation to your farmhouse. IHT expert Brona MacDougall discusses the key issues. Generally speaking, agricultural property relief (APR) works in a similar way to business property relief (BPR),...

Families, Gifts and Tax?

8th September 2020
Your son is struggling with his finances and has come to you for some help. You have been paying some of his household bills until he gets back on his feet. But what are the tax consequences that you and your son should consider? Inheritance tax expert Brona MacDougall provides the answers. You may have...

Preserving ‘Furnished Holiday Letting’ status

7th September 2020
You own and let several holiday lodges but you are now approaching retirement and are planning to sell off the properties in the next few years. Could coronavirus cause a nasty tax trap for you and how can you avoid this? Stuart Hair takes a closer look. If your properties qualify as furnished holiday lettings...
Inherited assets - who is liable for capital gains tax

Inherited assets – who is liable for capital gains tax?

6th August 2020
Mrs A is the executor of her mother’s estate. Some valuable items were left to her and her sister. She wants to sell several of these to pay debts of the estate. Will there be any tax and if so, who is responsible for it? Family tax expert Brona MacDougall provides the answers. Administering an...

Capital Gains Tax Review in time for the Autumn Budget?

27th July 2020
Rishi Sunak has written to the Office of Tax Simplification (OTS) requesting a review of the Capital Gains Tax (CGT) regime. He asks the OTS to determine whether the rules are ‘fit for purpose’ and whether they could be simplified. He also asks them to address ‘areas where the present rules can distort behaviour or...

Maintaining your Residence Status throughout lockdown

27th July 2020
The Statutory Residence Test is quite a methodical and precise set of tests which are not open to much interpretation in the main. The application of ‘exceptional circumstances’ has, for most of us, rarely been seen in practice. What Qualifies as Exceptional Circumstances The main characteristics of an ‘exceptional circumstance’ are: 1. It is a...