News & Views from PD Tax – October 2013
A roundup of the latest news from the world of tax including highlights from the Finance Act 2013 as well as recent tax cases of interest.
Click on the links below to view the full articles.
Lifting the Corporate Veil http://wp.me/p3gayI-4a
The recent case of Prest v Petrodel Resources Ltd looks at the powers of divorce courts to pierce the corporate veil.
Sale of Home but is it a Residence http://wp.me/p3gayI-40
The recent Moore case acts as a reminder that occupation by itself is not sufficient to make a house a ‘residence’ for capital gains tax purposes.
Company Purchase of Own Shares – Transactions Void http://wp.me/p3gayI-3M
The recent case of Russell Baker highlights the difficulties that arise where a company purchase of own shares does not meet the statutory requirements.
The General Anti-Abuse Rule (FA2013) http://wp.me/p3gayI-4u
A key issue for any advisors providing tax planning advice is now whether the strategy suggested is “abusive”.
Inheritance Tax & Joint Bank Accounts http://wp.me/p3gayI-5f
Where one party provides all of the funds for a joint bank account, it is important to consider how this may affect the inheritance tax treatment on death.
Statutory Residence Test (FA2013) http://wp.me/p3gayI-51
A new statutory residence test was introduced from 6 April 2013, therefore a taxpayers residence status for the tax year 2013/14 onwards will be dictated by the new rules.
Jersey, Guernsey & Manx Disclosure Facilities http://wp.me/p3gayI-4j
A summary setting out who can benefit from the new disclosure facilities with Jersey, Guernsey and the Isle of Man.
Pawson Case Update – BPR & FHLs http://wp.me/p3gayI-60
The executors have been denied leave to take their case to the Court of Appeal in relation to their claim for BPR on a furnished holiday let.
Business Property Relief – Trust Denied BPR http://wp.me/p3gayI-3V
The case of The Trustees of David Zetland Settlement concerned the availability of business property relief on the occasion of the trust’s 10 year charge.
UK Tax Treatment of US LLC http://wp.me/p3gayI-2Y
The test case of George Anson (also known as the Swift case) was found in favour of HMRC in the Court of Appeal earlier this year.
Tax & the Partial Surrender of Life Assurance Policies http://wp.me/p3gayI-31
The case of Joost Lobler demonstrates that taxpayers should always take professional advice before undertaking transactions that may have unintended tax consequences.
Disincorporation Relief Uncovered (FA2013) http://wp.me/p3gayI-4X
Disincorporation relief provides shelter, but only from corporation tax, for goodwill and land and buildings leaving a company.
Double Tax Relief – Common Pitfalls http://wp.me/p3gayI-3t
There are a number of issues that should be considered before making a claim for double tax relief.
Agricultural Property Relief & Farmhouses http://wp.me/p3gayI-2F
A frequent bone of contention between taxpayers and HMRC is the availability of agricultural property relief on farmhouses. The required nexus between ownership and occupation was considered in the recent Hanson case.