Finance Bill 2012 will amend the settlements legislation to close an avoidance scheme involving corporate settlors. The purpose of the changes is to confirm that ‘income arising under a settlement is treated as that of the settlor only where the settlor is an individual’.
With more examples emerging of HMRC seeking information about non-UK assets to check there are no remittances, Richard Clarke notes non-doms may be forced to review these to ensure compliance.
Paula Tallon discusses a dilemma facing many family businesses.
HMRC has designated LIFFE Administration and Management as a recognised stock exchange under ITA 2007 s 1005(1)(b) with effect from 26 September 2011.
In a new monthly feature, John Endacott looks at recent developments affecting the taxation of private clients, which this month include debate on replacing the 50% tax rate and possibly more property based taxation.
A tax credit would be more progressive than the government’s proposal to levy a lower rate of inheritance tax where the deceased leaves a charitable legacy of 10% or more of their estate, the ICAEW Tax Faculty said.
Ian Maston outlines how the IHT business property relief rules apply to groups of companies and similar structures
Hugo Webb explains why IHT can be an unexpected issue for the buyer in the context of a share sale, and what can be done about it