Capital Gains Tax
The main rate of capital gains tax is 10 percent for basic rate taxpayers and 20 percent for higher rate taxpayers. In the event that the gain covers both tax bands then a combination of the two rates will be…
COP 8 & COP 9 Tax Investigations
HM Revenue and Customs may issue a COP 9 notice if they suspect a taxpayer of serious tax fraud. These investigations are generally opened if HM Revenue and Customs expect to recover taxes in excess of £75,000 and they are…
Enterprise Investment Scheme and Seed Enterprise Investment Scheme (SEIS)
EIS and SEIS provide generous tax reliefs for investors including income tax relief for the initial investment (30 percent for EIS investments and 50 percent for SEIS investments) and capital gains tax free disposals of the investment. These tax reliefs…
Family Investment Companies
Family investment companies (often abbreviated to “FIC”) have become a popular inheritance tax planning tool in recent years. These normally have two classes of shares often called “frozen shares” and “growth shares”. Generally a family’s older generation can look to…
Inheritance Tax Planning
Generally speaking inheritance tax applies to the estate of a person who has died. Subject to some exceptions, there is no liability to pay if an estate has a value of £325,000 (the ‘nil rate band’) or if the estate…
Personal tax planning
Our experience is that any tax planning must be tailored to the individual circumstances of the client and that ‘one size fits all’ tax planning may not meet their particular needs. This is especially true for those with complex tax…
Tax Enquiries
HM Revenue and Customs may open a tax enquiry for a number of reasons including: To review an irregularity in a tax return such as employment income which differs to their employer’s records To review a number of unusual entries…
Trust Taxes
The use of a trust can be a useful asset protection or tax planning vehicle. However, trusts are subject to separate tax rules compared to individuals and therefore these need to be considered to ensure that the operation of the…