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Related news & insights - Elizabeth Nicholas
Autumn Statement 2023
Posted: 24/11/2023
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement on 22 November. It focused on government plans for economic growth, rewarding work, and backing British business. One of the more interesting issues for private client practitioners had been whether the Autumn Statement would contain potential......>>
Domicile of choice – a roundup of recent cases
Posted: 06/10/2023
Domicile is fundamental to tax law in the UK and, in recent years, claims for non-domiciled status have been a significant source of HMRC enquiries. Certain enquiries have reached the courts and recent decisions of the First-tier Tax Tribunal (FTT) have shone light on the court’s approach to determining a person’s domicile status for UK......>>
Disclosures to HMRC
Posted: 25/09/2023
A voluntary disclosure is a way of coming forward to HMRC to declare an amount of unpaid UK tax. This might be necessary because the taxpayer is out of time to amend the relevant tax return they have filed, or because no return has been filed at all. Disclosures can be made for income tax, capital gains tax, inheritance tax and corporation tax......>>
Property ownership structures – potential tax disputes
Posted: 25/09/2023
The UK tax rules applying to property-holding vehicles have changed dramatically in the last 10 years. As a result of one change after another, regular reviews of pre-existing structures have been needed. The following is an overview of the main changes. The annual tax on enveloped dwellings (ATED) - this tax was first introduced in 2013......>>
The importance of reviewing your will and estate planning arrangements
Posted: 04/09/2023
Once a will has been executed and stored away safely, we hope that the careful consideration and detailed planning that has gone into its preparation will mean that, for those we leave behind, our affairs will be simple to manage. It is important though, having made this significant step, to review a will on a regular basis to make sure that......>>
Double trouble trust schemes – recent cases
Posted: 04/09/2023
This article considers recent cases on widely marketed inheritance tax planning schemes, referred to as the ‘home loan scheme’, or ‘double trust scheme’. The double trust scheme was used around 20 years ago as a way of potentially mitigating inheritance tax through relatively complex planning involving two trusts. The scheme......>>
Capital Gains Tax for Divorcing Couples: Improvements in the Law
Posted: 31/07/2023
Many readers will already know that, on the transfer of an asset from one individual to another, the transferring party may have to pay capital gains tax (CGT) if the market value of the asset being transferred is higher than the value at which they acquired the asset - i.e. there is a gain in value......>>
Penningtons Manches Cooper’s private wealth lawyers recognised for ‘quality service’ in Chambers High Net Worth 2023
Posted: 26/07/2023
Following a series of outstanding rankings for Penningtons Manches Cooper in the 2023 edition of Chambers UK, a number of members of the firm’s private wealth sector group have now been recognised in the latest edition of the Chambers High Net Worth Legal Guide. In total, 18 individual lawyers have been ranked......>>
Spring Budget 2023
Posted: 16/03/2023
The Chancellor of the Exchequer, Jeremy Hunt, delivered his first Spring Budget yesterday and, as we expected, the statement primarily focused on growing the economy and continuing to support families with the cost-of-living crisis. The chancellor confirmed that the main rate of corporation tax will increase from 19% to 25% in April 2023......>>
Autumn Statement 2022: stealth taxes and spending cuts
Posted: 18/11/2022
Yesterday the Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement and set out the government’s latest plans to reduce public spending and plug the gap in the UK’s finances. While it is clear one of the objectives of the Autumn Statement was to try and recover stability in the markets......>>
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