UK & Offshore Tax Planning Blog
As there is an inheritance tax ('IHT') exemption for gifts of income it's often asked whether it it better to give away excess income and be taxed on the full estate at death, or give large sums of money now to children as potentially exempt…
Included in the list of remittances for non doms is an exemption for small remittances. The legislation states that: 'Property of any description that derives from relevant foreign income is exempt property if-- (a) the notional remitted amount is…
The Budget brought changes the treatment of certain trading losses. Before the Budget changes trading losses could be offset against other income as well as capital gains in certain circumstances. This meant that someone could undertake an activity…