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Reducing tax on redundancy payments by sacrificing for a pension contribution
25/11/2009
If you're receiving a termination or redundancy payment you may be considering ways to reduce the income tax charged on your receipt.One of the key tax planning opportunities to reduce income tax could be to receive a smaller redundancy payment with your employer instead making a larger contribution into your pension scheme. In this article we look at how effective this is taking account of the new provisions in the 2009 Budget . . . keep reading
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Transfers to a QROPS and UK Inheritance Tax
18/11/2009
Following a post in the forum, in this article we've considered the inheritance tax ('IHT') implications of a qualifying recognised overseas pension scheme ('QROPS') for both UK domiciliaries and non UK domiciliaries. . . . keep reading
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Offsetting losses on a main residence
16/11/2009
With the substantial drop in property prices, and with some areas not forecast to return to 2007 price levels until 2018 many people may be selling properties at a loss. Making full use of that loss will be crucial, particularly given the current low property levels also present many opportunities for investors to realise large capital gains. In this article we look at capital losses on property disposals and in particular how this is affected if you've previously occupied the property. . . . keep reading
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Dealing with remittance errors
09/11/2009
It's not just non doms subject to the remittance basis who need to be careful in remitting overseas income and gains. Any non doms with foreign income or gains that arose before April 2008 and which was retained abroad would also be taxed on remittances. In this article we look at the tax position if remittances are made in error. Is this still classed as a remittance of the income/gain or will HMRC take an equitable approach to this? . . . keep reading
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UK tax for offshore life interest trusts
04/11/2009
Following a request by a member, in this article we look at the tax treatment of offshore life interest trusts where the beneficiaries are looking to leave the UK and establish residence and domicile overseas. In particular we look at whether the life interest trust can be wound up and the assets transferred to the non resident beneficiaries. . . . keep reading
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Exchange rates for non doms based on new guidance in 2009
02/11/2009
Given that all entries on the tax return are in sterling non doms will need to convert foreign income and foreign capital gains into sterling if they're either charged on the arising basis or if they make remittances under the remittances basis. There will also be other occasions when non doms will need to convert foreign income and gains (eg in calculating whether or not unremitted income or gains falls above or below the '£2,000 de minimis limit). In this article we look at the rules after the new 2009 guidance . . . keep reading
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How BBC stars use a service company to reduce tax
30/10/2009
This article was requested by one of our members: '...I'm reading a lot in the press about BBC top stars setting up service companies to avoid tax legitimately. What are the advantages of this approach? What types of tax do you save?...' In this article we look at how service companies can be used to save tax. . . . keep reading
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UK Ordinary residence in 2009
23/10/2009
Although an individuals 'residence' status is of key importance, for tax purposes 'ordinary residence' can occasionally be of crucial importance. In this article we look at when a visitor to the UK can be classed as UK ordinarily resident and compare the different approaches of HMRC and the Courts . . . keep reading
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Establishing non residence when working abroad -- what if you return early?
19/10/2009
If you're leaving the UK to work overseas you would often look to establish non UK residence from the date of your departure to the date of your return under the special provisions outlined in HMRC6.One of the requirements is that the employment is full time and lasts at least a complete tax year. In this article we look at what happens if you return early . . . keep reading
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Inheritance tax implications from joint mortgage
Question: My 70 year old mothers' savings ran out a year ago. Instead of downsizing her mortgage-free property, she has taken out a joint offset mortgage with myself, allowing her to borrow up to £250,000. She will probably inherit some money sometime in the future from her mother allowing her to pay back the loan and can then reevaluate her long term plans. Because of her age, she was unable to get a mortgage in her own name. The house is soley her own and the mortgage, although in joint names, is for her benefit only and she is to repay it. Is there something we can do to ensure that, should my mother die with the mortgage not redeemed, the full mortgage is deducted from the value of her estate before IHT is paid? (ie not just her 50% share). . . . keep reading
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The 'round the world' CGT planning scheme
14/10/2009
The 'round the world' CGT planning scheme has been considered in a recent court decision and in this article we look at the approach the courts and Revenue have taken in relation to this scheme. . . . keep reading
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Latest August 2009 case on central management & control
12/10/2009
In this article we look at the recent August 2009 decision in relation to the central management and control of an offshore company. This case essentially reinforces a lot of the issues which we've previously covered in our company residence articles, and therefore provides a useful summary of the key points. . . . keep reading
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Using an offshore holding company for non doms
09/10/2009
Non Doms, along with non UK residents are potentially in the best position in terms of UK tax to make use of offshore companies and trusts. In this article we take a look at how non doms could use an offshore holding company to reduce UK taxes . . . keep reading
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Emigrating from the UK to avoid Inheritance Tax
07/10/2009
Leaving the UK to avoid inheritance tax needs to be looked at completely separately from leaving the UK to avoid income tax or capital gains tax. Following requests from members we've looked in this article at how you would look to emigrate from the UK to avoid inheritance tax . . . keep reading
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Capital Gains Tax
