Recent Articles

The Panama Papers: Now a Searchable Database

June 03, 2016 | Private Client

Earlier this month, the International Consortium of Investigative Journalists (ICJI) published a searchable database of some of the information revealed as part of the Panama Papers investigation. The ICIJ has made it very clear on their website that no-one named in the database is thereby implicated in any wrong doing.  The database covers 40 years(Read more)

Taxpayers to Pay to Appeal to Tribunals

May 13, 2016 | Private Client

The Ministry of Justice have decided to proceed with its proposals to introduce fees to be paid by the users of the Tax Chamber of the First-tier Tribunal and the Tax and Chancery Chamber of the Upper Tribunal.  The fee proposals for the Tax Tribunals are now: Paper case: £50 issue fee (£50 total); Basic(Read more)

Renewals Allowance Abolished

May 13, 2016 | Private Client

The renewals allowance for property businesses is to be repealed.  Alternative provisions now provide relief for this type of expenditure under the capital allowances regime or the new replacement relief for landlords.  The measure came into force for expenditure incurred on or after 6 April 2016 for income tax and from 1 April 2016 for(Read more)

New Minimum Wage Rates

May 13, 2016 | Employment, Business Services, Private Client

The Low Pay Commission’s recommendations for increasing the national minimum wage from next October have been approved.  The new rates will be as follows:   From 1 October 2016 Until 1 October 2016 Adult hourly rate (21-24 year olds) £6.95 £6.70 18-20 year olds £5.55 £5.30 16-17 year olds £4.00 £3.87 Apprentice Rate £3.40 £3.30(Read more)

Annual Charge on Enveloped Dwellings (ATED) Threshold Lowered

May 13, 2016 | Private Client

From 1 April 2016 ATED applies to residential properties worth more than £500,000 which are owned by non-natural persons such as companies, trusts or other investment vehicles.  The chargeable amounts from 1 April 2016 to 31 March 2017 are as follows:       Property Value Annual Charge (£) Over £500,000 but less than £1(Read more)

Credit Card Tax Payments

May 13, 2016 | Private Client

The single 1.5% fee charged by HM Revenue & Customs to taxpayers who pay their tax by credit card is being replaced by several rates following the introduction of an EU regulation in December 2015 which capped at 0.3% the interchange element of the charge for personal credit cards.   The new rates vary from(Read more)

Record Yield from Inheritance Tax

May 13, 2016 | Private Client

The government’s inheritance tax receipts jumped to £4.6 billion in the year to February 2016 which is up 21% from the £3.8 billion in the previous year.  The increase is mainly because of the rise and the value of properties.  The £325,000 inheritance tax threshold has not been changed for seven years with the result(Read more)

STEP (Thames Valley Branch) Presentation of Multi-Disciplinary Case Study at Boyes Turner, Reading on 10 May 2016

May 12, 2016 | Private Client

Head of Private Client, Christopher Parker, presented an approach from the lawyer's perspective to advising a family how to meet their different, and often conflicting, objectives based on a complex pre-retirement case history in order to achieve a tax efficient means of preserving and transmitting the family's wealth in assets totalling over £7m. whilst allowing(Read more)

Case Summary (Variation of Trusts): A & Others -v- B & Others [2016] EWHC 340 (Ch)

May 10, 2016 | Private Client

This case concerned the procedure to dispense with the need for the representation of a wider class of beneficiaries who were only remotely interested under the terms of a trust which was being varied for the benefit of a narrower class of core beneficiaries.  The arrangement itself, which needed to be approved on behalf of(Read more)

Case Summary (Trust of Land): Smith -v- Herbert & Others [2014] EWHC 4177 (Ch)

May 10, 2016 | Private Client

This case concerned the construction of Section 12(1)(a) of the Trusts of Land and Appointment of Trustees Act 1996.  The Claimant was a life tenant who was entitled to a one third share in the income produced by a landed estate.  The Settlement, which was originally discretionary in nature, contained an ancillary power for the(Read more)