Brexit Tax Implications, Tax System Issues – Direct Tax, Indirect Tax, Tax Cuts, Import Tax, Corporation Tax & VAT… Introduction – Brexit Tax Implications/ Issues So Mrs May’s plan on Brexit suffered a bigger battering than Burton Albion in last week’s league cup Semi-Final. This article attempts to pick over 
Read more
Negligible Value Claims 2019 – The Facts The sale of company shares and other assets for more than their purchase price will generally give rise to a charge to capital gains tax. Conversely, the disposal of shares for less than their purchase price will result in a capital loss. Such 
Read more
The Right Structure for the The Wrong Trousers: Aardman founders sell to Employee Ownership Trust Aardman Animation are pioneers of stop-motion animation, the creators of international icons of modern British culture, Wallace & Gromit, as well as a string of other successes such as Shaun the Sheep, Flushed Away and 
Read more
Crypto asset tax : The New HMRC Guidance Update… In December 2018, HMRC released their long-awaited policy paper on the appropriate tax treatment of cryptoassets. This being HMRC’s second paper on this, the first being published in 2014. The paper goes some way in undertaking the difficult task of marrying 
Read more
January not only marks the start of the New Year but, for many people, a fresh start – a chance to make changes to their private and professional lives. However, for millions of people across the UK, it’s a time of stress as they make an annual attempt to finalise 
Read more
What was NC26? NC26 (New Clause 26) was a cross party amendment to the Finance Bill proposed by the Liberal Democrat MP, Sir Edward Davey MP. In short, it asked for a review of the Government’s highly controversial, and deeply pernicious, April 2019 Loan Charge (“loan charge”).  The amendment passed 
Read more
The Chancellor announced important changes to Entrepreneurs’ Relief in his 29 October 2018 Budget Statement. As discussed in a previous post, the changes as drafted had wide-ranging, and it is assumed untended, consequences. In particular, the new legislation as drafted could have denied Entrepreneurs’ Relief to any shares in companies 
Read more
Inheritance tax and specialty debts: not so special? Following consultation with professional bodies, HMRC has updated its guidance on the inheritance tax treatment of specialty debts. A specialty debt is: a debt made by deed, or a deed which records or creates obligations, or a debt incurred by way of 
Read more
It’s perhaps unsurprising that, given the sums in broadcast rights, sponsorship income and salaries, sport seems to have become more of a priority for HMRC in recent years. Of course, this is not necessarily an entirely new departure. The Revenue’s attempts to lay claim to some of the riches paid 
Read more
An Englishman’s home, so the saying goes, is his castle. Over the course of recent decades, though, many Englishmen and women acquired second or third homes which often became a handy source of extra income. Some were gained by inheritance, some former residences were retained as the owner moved up 
Read more