In-depth analysis of the issues facing our private clients, entrepreneurs and their businesses.
Technical Updates
Renewable Energy - An Inheritance Tax Opportunity?
A combination of harder economic conditions for tenants and potentially generous government incentives is pushing more and more landowners to consider renewable energy as a way of diversifying their activities and maximising returns. Few landowners have sufficient experience or knowledge of the development of renewable energy plant and therefore it is most common for them to…
Moving to the UK
At Dixon Wilson we advise both UK domiciled and non-UK domiciled individuals on their UK tax and accounting affairs. These affairs tend to become more complicated in anticipation of a move to the UK. Whilst we are able to assist with the UK aspects for any scenario, we highlight below some of the common issues affecting non-UK domiciled individuals who are …
The UK’s New General Anti-Abuse Rule (GAAR)
The UK is introducing a General Anti-Abuse Rule (GAAR). This follows the Government’s stated intention in 2010 to legislate for a general measure to prevent abuse of the tax code through tax schemes or avoidance arrangements. Following several rounds of consultation, the GAAR will come into force when the Finance Bill 2013 receives Royal Assent, which is expected in mid-July 2013.…
Changes to Inheritance Tax
In this year’s Budget, the government introduced changes as to how inheritance tax (IHT) will be calculated on the value of a death estate. IHT is calculated on the net value of an estate, that is to say it is calculated on the value of total assets after a deduction of liabilities. The changes will restrict the deduction of certain liabilities, which will mean that some individuals…
2013 Budget Update
Note: This update was written on 30 March 2013. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. For that reason, no action should be taken based on this update without taking further advice.
Payroll Processing - Real Time Information
HMRC is introducing a new way of reporting PAYE - called Real Time Information (‘RTI’).
From April 2013, all employers are legally required to report Pay As You Earn (PAYE) deductions in real time. This means that information about all PAYE payments needs to be submitted to HMRC online each time a payment is made.
Under the current system employers are only required to…
Ensuring Fair Taxation of UK Residential Property
In the 2012 Budget, the government announced the intention to address concerns that some taxpayers are not “paying their fair share” in relation to UK residential property. The main purpose of the proposed measures is to discourage holding UK residential property in a variety of UK and non-UK structures. The government describes holding properties in such structures as “enveloping…
The Balfour Case - an Inheritance Tax Opportunity for Landed Estates?
The Upper Tax Tribunal’s decision to dismiss HMRC’s appeal in the Balfour case has recently been published. This decision is an important one for landowners and their advisers as it potentially changes the approach to inheritance tax planning in relation to the ownership and management of landed estates.