Briefings

The Isle of Man Disclosure Facility (IOMDF)

Date Posted: 27/02/2013 Author: Robert Field

Introduction

Following the Liechtenstein Disclosure Facility (LDF) (2009) and the coming into force of the UK/Swiss Agreement (January 2013), the first part of the UK's new tax agreement with the Isle of Man has just been released.  Having dealt with continental European tax havens, the Government is clearly setting its sights closer to home.&nb...

The Prudential decision on privilege

Date Posted: 23/01/2013 Author: James Price and Kate Allass

The UK Supreme Court has today handed down its judgment in the case of R (on the application of Prudential plc and another) -v- Special Commissioner of Income Tax and another [2013] UKSC1.

Taxation of high value residential properties - draft legislation published

Date Posted: 11/12/2012 Author: Alison Parker

Earlier today, the Government published draft legislation and a summary of proposals in respect of the changes to the taxation of residential properties worth over £2 million held by certain ‘non-natural persons’. These changes come into effect in April 2013. 

John Lewis economy? Old News Nick

Date Posted: 05/09/2012 Author: Richard Belsey

Following the statement from Nick Clegg earlier this year that employees should be given the right to own shares in the company that employs them, this article looks at the uses and advantages of employee share schemes and briefly outlines some of the key features of two of the more popular tax-favoured employee share schemes; the enterprise management initiatives (E...

Leavers, Arrivers and Day Trippers - the Statutory Residence Test for internationally mobile individuals

Date Posted: 03/08/2012 Author: Alexandra Hollingshead

Benjamin Franklin might have thought of tax as one of life’s certainties, and yet the concept of tax residence for UK purposes has long been both uncertain and unclear.   In recognition of this, the Government has proposed that tax residence should be assessed according to new legislation – the Statutory Residence Test, or ‘SRT’.  This test will come into forc...

Tax reputation for high-profile individuals and corporations - being 'legal' is not enough

Date Posted: 13/07/2012 Author: Julian Pike

It is sometimes suggested that there is a clear dividing line between legal tax avoidance and criminal tax evasion, and anything goes so long as it is on the right side of the line. As a number of high-profile individuals and companies have found out to their cost in recent months, however, the reality is not so simple.

High value residential property Consultation published: What clients should do (or not do) now…

Date Posted: 08/06/2012 Author: Helen Reid

Two of the major changes announced in the UK Government's 2012 Budget were a proposed annual charge (sometimes referred to as a mansion tax) and, for the first time in the history of UK Capital Gains Tax (CGT), the extension of the current CGT regime to include certain non-UK residents.

The "Patent Box" – putting the UK on the map

Date Posted: 28/05/2012 Author: Peter Wienand

The Patent Box tax regime, contained in the Finance Bill 2012, is part of the Government’s broader aim to make the UK’s tax system more competitive and appealing as a place of business innovation and growth. The regime applies a 10% corporation tax rate to profits attributed to patents by 2017.

The reduction in corporation tax will occur in stages. In April 2013...

Enterprise Management Incentive Scheme

Date Posted: 23/04/2012 Author: Robert Field

The Enterprise Management Incentive Scheme (EMI) was introduced in 2000 and continues to provide a popular tax advantaged share option for employees. This note summarises the EMI framework, looking at its advantages to both company and employee, the conditions that must be satisfied to fulfil the various eligibility criteria and the procedural steps that must be followed w...

Tax breaks for Enterprise Zones – do they go far enough?

Date Posted: 04/04/2012 Author: Helen Reid

Helen Reid looks at the tax benefits of Enterprise Zones introduced as part of the Government's plans to get Britain building again...

Budget 2012: Wealth taxes by the back door?

Date Posted: 23/03/2012 Author: Debbie Pennington

It has been called the Millionaire's Budget due to a headline grabbing reduction in the top rate of income tax from 50% to 45% (from 6 April 2013).  As widely predicted, however, it is not all good news for wealthy international clients, especially in relation to tax on UK properties.  This briefing looks at SDLT and CGT on UK properties, anti-avoidance provisions ...

A private client tax update

Date Posted: 07/02/2012 Author: James Carleton

This article gives a summary of the Golding case in regard to agricultural property relief and updates on tax reductions for lifetime gifts of pre-eminent objects to the Nation and charitable gifts on death and the impact on inheritance tax.  

HMRC's updated guidance on heritage property

Date Posted: 10/01/2012 Author: Lucie Pfaff

HMRC recently published a revised version of Capital Taxation and the National Heritage (CTNH) - known in its last published edition (in 1986) as IR67. Lucie Pfaff looks at the approach HMRC adopts in administering the legislation on capital taxation reliefs for heritage property.

The UK/Swiss Tax Cooperation Agreement: A Closer Look

Date Posted: 04/11/2011 Author: Robert Field

Since the publication of the UK/Swiss Tax Cooperation Agreement, many of the discussions amongst professionals have centred on what the Agreement may mean for clients and to what extent the new landscape of disclosure may change clients' views of Swiss banking.

In this briefing, Robert Field, Head of Tax at Farrer & Co, and Helen Reid, Solicitor in our Tax team, ...

What Price Privacy? The Swiss/UK Tax Agreement

Date Posted: 08/09/2011 Author: Robert Field

In the two weeks since the announcement of the tax agreement between the UK and Switzerland, there has been much comment about exactly how good a deal it is for Swiss account holders resident in the UK, and what it means for the future of Swiss banking.  In a briefing which contains a sweeping review of the background to the agreement, Robert Field (Head of Tax at Farre...

The Inheritance Tax Nil-Rate Band: Post-Finance Act 2008 Planning

Date Posted: 29/11/2008 Author: Christine Payne Smith

Although inheritance tax (IHT) is charged on an individual’s estate at the time of his death, property equal to his nilrate band may be given away tax-free and it is only the balance which is taxed at the rate of 40%. Consequently, the manner in which an individual’s nil-rate band is used at the time of his death will be a key factor to consider when ensuring that the indi...

Accumulation & Maintenance Trusts: Planning Options following the Finance Act 2006

Date Posted: 15/12/2007 Author: Christine Payne Smith

Following the Finance Act 2006, it is no longer possible to establish a trust which enjoys the inheritance tax (IHT) advantages previously afforded to accumulation and maintenance (A&M) trusts. A&M trusts established prior to 22 March 2006 still qualify for favourable IHT treatment, but for a transitional period only. The transitional period will expire on 5 April 20...