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Other tax planning
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Be a business angel and invest in companies tax efficiently
02/07/2008
With the success of TV programmes such as 'Dragons Den' we're often approached by investors who are looking to invest in new businesses, but are keen to take advantage of any tax incentives that are available to them. This article goes through some of the available options to invest tax efficiently. . . . keep reading
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Jointly held property and income tax
25/02/2008
Married couples often own property and other investments jointly. This is an area that is potentially ripe for tax planning particularly where one spouse is a higher rate taxpayer and the other isn't. This article looks at income tax planning for jointly held assets. . . . keep reading
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Capital Gains Tax and Non UK Domiciliaries after the Pre Budget Changes
The pre Budget report announced a number of changes to how the remittance basis of tax is charged for non UK domiciliaries. However, the new changes do not remove the capital gains tax benefit of the remittance rules altogether -- they only 'change the goalposts' and limit the cases when the remittance basis will be beneficial. . . . keep reading
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When using a company can increase your tax bill
Much has been written on when you should use a UK company. In fact you'll find plenty of websites devoted to using a company and how it could save you thousands off your tax bill. Well, in many cases this is correct, and if you look through some of our previous articles you'll see that we have covered these opportunities. However, we like to go one step further so we're going to run through some of occasions when using a company would not be beneficial. . . . keep reading
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When can you avoid capital gains tax and get tax relief on UK debts
This article looks at how debts are taxed. Not just family type debts but also trading, company and government debts. It's not just a case of examining the implications if the debt is repaid, but crucially if the debt is not repaid. In other words if you, as a lender lose your cash can you offset that against any other income or gains that you may have, and reduce your tax bill. . . . keep reading
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Should you dispose of assets as a beneficiary or executor?
This is a question that is frequently asked. If you are both the executor and a beneficiary of an estate, and have been left assets under the terms of the will, does it matter whether the assets are sold in the capacity of executor or as a beneficiary? Well, in tax terms the distinction can be crucial. . . . keep reading
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Bare trust's and using the annual exemption
When someone mentions a 'trust' the usual reaction is to think of a separate trust entity that has trustees and owns and manages assets on behalf of beneficiaries. However this is not necessarily the case. This article looks at the use of a bare trust and how it can be advantageous in tax terms, particularly for using children's annual exemptions. . . . keep reading
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Associated companies and family members
The associated company rule can be an expensive rule to overlook. Essentially if you control more than one company the tax bands of each company is reduced, with the result that a higher tax charge could apply. However what is often overlooked is that companies are associated not just when they're under the control of the same person but also where they're under the control of various family members. This article looks at this in more detail. . . . keep reading
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Can HMRC challenge a piecemeal disposal designed to use more than one annual exemption?
A common tax planning technique, particularly where a gain is not too large is to arrange for a disposal over more than one tax year. This can clearly be beneficial in terms of reducing the CGT on disposal as it will allow more than one annual exemption to be offset. However I've quite a few people asking how the associated operations rule will impact on this. This article looks at when and if such a piecemeal disposal can be challenged. . . . keep reading
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Can you get a farm classed as a business asset for tax purposes - part 1
Owning farms as a 'weekend farmer' is becoming more popular, as investors are realising the benefits both financial and otherwise of owning farms and agricultural land. We'll look at two of the key tax reliefs that investors will often look to claim, namely business asset taper relief, to reduce any CGT on a disposal, and business property relief ('BPR') to reduce Inheritance tax. . . . keep reading
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Changes in the Pre Budget Report
There were quite a few changes in the PBR, many of them such as the increase in air passenger duty have already been well reported. The rest of the changes relate mainly to pretty technical areas such as Insurance companies and avoidance rules. However some of the less known changes could also potentially apply to your planning. We'll have a quick look at some of these changes. . . . keep reading
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