This week Tax Tuesday highlights the increasing UK inheritance tax take and the value of planning to reduce the IHT burden on your family and beneficiaries. The UK government collected £5.32 billion in Inheritance Tax in 2020/21. The inheritance tax take is only going...
Tax Tuesday regularly encounters business owners who are not yet aware of the significant commercial protection which can be achieved through having a holding company (Holdco) put on top of their operating company (Opco). This week we look at how you could apply this...
Taxpayers, who have undertaken a share exchange in relation to their trading company and may benefit from an election to crystallise the tax now, should read on. With only a month before the forthcoming Budget on 3 March, owners are braced for potentially significant...
In this week’s Tax Tuesday, we explore the features and benefits of “The Grandparents’ Settlement” which often proves to be an ideal solution when looking at setting up ‘some form of fund’ for grandchildren. Please note, when reading the foregoing,...
The tax gap is the difference between the amount of tax owed to the tax man and the amount collected in real terms. In 2018/19 the UK Exchequer collected circa £628bn of tax. By the estimates of HMRC, this involved a gap of missing tax of about £31bn (or 4.7%). This...
All shareholders and directors in privately-owned companies have an interest in how they extract value from their company. Most owner‐managers are broadly aware that there are alternative methods, with differing commercial and taxation consequences, but few owners...
