News & Views from PD Tax – Spring 2014
A roundup of the latest news from the world of tax for individuals, businesses and professional advisers.
Click on the links below to view the full articles.
Loring v Woodland Trust highlights the care that must be taken when interpreting (and drafting) nil rate band legacies in wills.
A summary of some recent changes to the rules for; employee shareholders, EMI share option schemes and share incentive plans
New technical guidance is available regarding the impact on BPR of (a) surplus cash, and (b) partnership structures.
HMRC continue to pay close attention to income splitting between spouses and successfully challenged the use of dividend waivers in the case of Donovan and Mclaren v HMRC.
The case of Ghelanis Superstore and Cash and Carry Ltd v HMRC examines the meaning of the term “minimum controlling shareholding combination”.
The inheritance tax case of Buzzoni and Others v HMRC concerning gifts with reservation of benefit was recently found in favour of the taxpayer by the Court of Appeal.
The First Tier Tribunal has recently heard two cases posing different questions as to whether shares are of negligible value.
Case outcomes in relation to Entrepreneurs’ Relief are always of significant interest given the “Holy Grail” 10% tax rate potentially available.
UK taxpayers with Swiss bank accounts should ensure that their tax affairs are up to date or risk a HMRC enquiry.