Will HMRC recognise these exceptional days ?

We are living through exceptional days. Understandably, the spread of COVID-19 and the measures that have been implemented to delay its transmission mean that tax may not be at the forefront of people’s thinking. However, there may be significant tax consequences for those individuals forced to remain in the UK due to measures outside of…

Details

Budget 2020 – This should get it done!

Less than a month ago Mr Sunak was the Chief Secretary to the Treasury, but following Sajid Javid’s surprise resignation on 13th February, Mr Sunak was appointed Chancellor of the Exchequer on the same day. I’m sure Mr Sunak had not expected the sudden promotion, and I am pretty sure he had not anticipated the…

Details

The Telegraph – If Corbyn gets in, we are sending our money to Switzerland

  Corbyn forcing people to move money offshore before Election Day Wealthy individuals are fearful that Jeremy Corbyn will be the next Prime Minister of the United Kingdom causing their wealth and the value of GBP to depreciate. As such these individuals have opted to transfer their money offshore ahead of the general election on…

Details

Financial Times- How can I protect my children’s savings from Inheritance Tax?

Inheritance Tax in the Financial Times this week when Mark Davies helps to answer a reader’s concern over protecting their children’s savings… Click here to read full article Trusts for Bereaved Minors Mark urges parents to seek professional advice to write a will and appoint guardians in the event of premature death. It is possible…

Details

Tax relief on property – some advice from Tom Trewby in the Financial Times

Tax relief on property is discussed in the Financial Times this morning, as one reader poses the question – “If I convert a barn on my farm estate into a house for my son to live in, can I claim tax relief on the conversion?” Tom Trewby advises that costs cannot be offset against farming income,…

Details

Mark Davies in the Telegraph on Offshore Income and Gains letters

In Monday’s Telegraph Laura Miller explores the repercussions of returning a signed offshore income and gains letter to HMRC. https://www.telegraph.co.uk/tax/return/dont-sign-dotted-line-warning-hmrc-letters-could-trigger-tax/ In this article Mark Davies explains that signing the disclosure might prevent a taxpayer from being able to claim an unprompted disclosure of a mistake, which would lead to higher penalties. He also warns that…

Details