1. ‘The man in the pub’ The man in the pub is a tax adviser’s nemesis because his words of wisdom are usually incomplete, the wrong end of the stick, or just plain wrong, and often second or third-hand. There are no free lunches with tax. If anyone has a simple idea for paying less […]
Articles
Tax Consultancy – What it is?
Tax consultancy is a ‘dirty word’ to some people: ‘oh you help people fiddle their tax don’t you?’. No legitimate tax adviser would risk their reputation and professional qualifications in helping someone do that. In fact if a client reveals that they have undeclared income or gains a qualified adviser must advise disclosure to HMRC […]
HMRC v You the Taxpayer
HMRC’s remit now includes administration of the whole range of taxes and duties, some of which most people will never have heard of, as well as tax credits, minimum wage legislation, money laundering – to mention a few. It has its hands fairly full it seems fair to say. However, the taxpaying public’s main contact […]
That’s A Relief
Where the Substantial Shareholdings Exemption (SSE) applies on a sale by a company of its investment in another company, the SSE provides exemption from corporation tax – not just on the sale itself but also from any ‘degrouping charge’ except where the subject of the ‘degrouping’ charge is an intangible asset. Until FA 2019 that […]
Gifts of Business Assets – Restrictions for Company Shares
Most practitioners will be familiar with gift relief for business assets, but where company shares are concerned there could be an unexpected restriction as Ken Moody explains Gift relief under s 165 TCGA 1992 is available for a disposal of: An asset or an interest in an asset used for the purposes of a trade, […]
