Member Since: 30th Jan 2003
8th Jun 2021
The danger is what could have been structured, with tax and legal advice in advance, as a CGT sale of your business might now be income tax commission for introducing clients to your new firm. But, without sight of the contract, it isn’t possible to know.
8th Jun 2021
I know of at least two others selling to TP who also have not taken proper tax and legal advice but seek informal views to back up what TP have told them.
Would you expect your clients to enter into a large financial transaction in such a way?
8th Apr 2021
I've reverted to writing letters
23rd Mar 2021
31st Jan 2021
The CIOT and ICAEW notes were useful recently, in explaining the position to a client:
29th Jan 2021
Are you aware that gifts to a company may need to be reported as chargeable transfers for inheritance tax (not potentially exempt transfers) or are you relying on para 4(3) of The Inheritance Tax (Delivery of Accounts) (Excepted Transfers and Excepted Terminations) Regulations 2008?
12th Nov 2020
This may be useful https://www.taxation.co.uk/articles/2012-03-14-37051-home-loan
15th Sep 2020
We had a similar issue with a claim for holdover relief when a trust closed. We informed HMRC of the trust ending and sent a copy of the holdover election.
HMRC responded to say a tax return was needed. We asked if they were issuing a notice to file under TMA 1970, s8A. They said no (although the HMRC staff member didn't seem to know what a notice to file is).
Our final letter was to ask that they either close their file or issue a notice to file.
23rd Jul 2020
If she gave the property to me, rather than family or friend, it would definitely work to save SDLT.
Although she would be rather angry and disappointed when she asks for it back.
9th Jun 2020
There's a very good update article in Taxation magazine on this topic: https://www.taxation.co.uk/articles/explaining-the-updated-trust-registr...