Calculating top slicing relief for the purposes of the chargeable events regime
David Tipping walks through the steps to calculate top slicing relief under ITTOIA 2005, ss 535–537. The taxation of investment bonds provides the essential context to the article, and so is out...
The use of pre and post-nuptial agreements in IHT planning
Jon Golding considers how nuptial agreements can be good or bad for estate planning tax savings. The reason so many foreign large financial settlements in divorce cases rely on English law is that the...
Built a new house and can’t sell it: What about the VAT?
Andrew Needham looks at what VAT adjustments are required when a housebuilder constructs a house which they can’t sell, and decides to rent it out instead. When a housebuilder constructs a new h...
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Using a discretionary trust to gift assets
Chris Thorpe considers how trusts can be used to pass capital and income in a tax-efficient manner Trustees of discretionary trusts have, as the name suggests, complete discretion as to the income and...
Could an investment bond be right for your clients?
Malcolm Finney outlines when an investment bond might be advantageous for an individual client. Life policies can be extremely flexible. They have a number of uses. Perhaps the most common is the poli...
Beware inter-spouse transfers and the SDLT trap
Sarah Bradford highlights a stamp duty land tax trap that can arise when transferring property between spouses, and how to avoid it. Many people are aware of the rule for capital gains tax (CGT) purpo...
Making the most of capital losses and the annual exempt amount
Sarah Bradford explores how best to use capital losses and the annual exempt amount. Capital gains tax (CGT) is a tax on the chargeable gain made on the disposal of an asset. It is not necessary to se...
Advertising costs claimable against tax
Jon Golding looks at business advertising methods and whether the costs will be allowable against tax. When claiming advertising expenses, no deduction is allowed for expenditure unless it is incurred...
Tips and traps of the flat rate scheme for small businesses
Andrew Needham looks at some of the pros and cons for small businesses of being on the flat rate scheme. The VAT flat rate scheme (FRS) simplifies accounting for small businesses by paying a fixed per...
The income tax ‘settlements’ legislation and common traps
Alex Spencer discusses the ‘settlements’ legislation and considers some common traps and pitfalls. The purpose of the settlements legislation (in ITTOIA 2005, Pt 5, Ch 5) is explained in H...
Inheritance tax: The two-year discretionary will trust
Malcolm Finney explains what a two-year discretionary will trust is and how it operates in practice. On death, a person’s estate is distributed according to the provisions of the deceased’...
When might your client be liable for costs when challenging HMRC?
David Tipping considers the circumstances in which a taxpayer may be liable to pay HMRC’s legal costs in a tax dispute. The general rule in tax disputes is that each party bears their own costs....
Reporting 2025/26 taxable benefits
Sarah Bradford outlines how employers should report taxable benefits and expenses provided to employees in the 2025/26 tax year. Employers who provided employees with taxable expenses and benefits in ...
Equity release: A feasible option for IHT savings?
Jon Golding evaluates the use of equity release to reduce the IHT charge on death. There are many types of equity release, the main ones being lifetime mortgages and home reversion plans, which releas...
VAT: Records required when claiming bad debt relief
Andrew Needham looks at what records a business needs to keep when claiming bad debt relief. When a business claims VAT bad debt relief, it must fulfil certain record-keeping criteria. What are they, ...
Counterattack! When HMRC can apply the transactions in securities legislation
Joe Brough explains the circumstances in which HMRC can counteract transactions which fall foul of the transactions in securities legislation and the tax implications for the individuals concerned. Fo...
Damaged and destroyed assets: The CGT implications
Malcolm Finney looks at two unusual areas of the capital gains tax legislation. Perhaps surprisingly, where an asset is destroyed or damaged, a chargeable disposal occurs for capital gains tax purpose...
Trouble on the horizon! The new penalty regime for ‘sanctionable conduct’ by tax advisers
Alex Spencer considers the amendments to Finance Act 2012, Schedule 38 contained in Finance Act 2026 and their (very serious) consequences for tax advisers. Finance Act 2026 contained a number of prov...
A brave new world: Mandatory registration of tax advisers
Alex Spencer considers the new mandatory registration regime for tax advisers and what this new regime means for tax practitioners and other professionals. Rules contained in the Finance Act 2026 (FA ...
Deeds of variation: The answer for planning purposes?
Jon Golding questions whether deeds of variation are the solution to omitted tax planning and reveals obstructions in securing desired results. Deeds of variation (DoV), often known as 'deeds of f...