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Latest Trusts and Inheritance Tax News

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SI 2024/949 Supreme Court Rules 2024

These Rules are made to implement a revised version of the Rules of the UK Supreme Court. The revised version of the Rules provides for a new digital case management portal and makes various smaller changes which reflect technological advancements or remedy issues which have become apparent since the current Rules were adopted. The overriding objective of the Rules remains to secure that the Court is accessible, fair and efficient.

12 Sep 2024 00:00 | Published by a Tolley Corporation Tax expert

Budget Responsibility Act 2024

The Budget Responsibility Act 2024 has received Royal Assent.

12 Sep 2024 00:00 | Published by a Tolley Corporation Tax expert

CJEU overturns decision on Apple tax rulings

The CJEU has confirmed the European Commission’s 2016 decision that Ireland granted unlawful state aid to Apple, setting aside the previous judgment of the General Court.

11 Sep 2024 00:00 | Published by a Tolley Corporation Tax expert

ATT responds to policy paper on non-UK domiciled individuals

The Association of Taxation Technicians (ATT) has submitted a response to the government policy paper on changes to the taxation of non-UK domiciled individuals.

10 Sep 2024 00:00 | Published by a Tolley Employment Tax expert

SI 2024/902 The Infected Blood Compensation Scheme (Tax Exemptions and Relief) Regulations 2024

These Regulations are made to exempt compensation payments made under the Infected Blood Compensation Scheme, from Income Tax and Capital Gains Tax, and relieve payments from Inheritance Tax, with retrospective effect.

06 Sep 2024 00:00 | Published by a Tolley Trusts and Inheritance Tax expert

Further ATT Budget representations

The ATT have made Budget representations on IHT relief on shares, mileage allowances, and trivial benefits.

06 Sep 2024 00:00 | Published by a Tolley Employment Tax expert

HMRC Stakeholder Digest: 29 August 2024

HMRC has published its latest Stakeholder Digest (29 August 2024).

02 Sep 2024 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC Privacy Notice

HMRC has updated its Privacy Notice on the examination of business records, Artificial Intelligence (AI) and automated decision-making.

30 Aug 2024 00:00 | Published by a Tolley Corporation Tax expert

HMRC Trusts and Estates Newsletter: August 2024

HMRC has published its Trusts and Estates Newsletter for August 2024

30 Aug 2024 00:00 | Published by a Tolley Trusts and Inheritance Tax expert

Agent Update: Issue 122

HMRC has published Agent Update issue 122 (21 August 2024) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

22 Aug 2024 00:00 | Published by a Tolley Corporation Tax expert

Guidance on giving evidence from abroad in UK court or tribunal cases updated

The Foreign, Commonwealth & Development Office (FCDO) has updated its guidance on giving evidence by video link from abroad in a UK court or tribunal case.

21 Aug 2024 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance on paying a tax bill

HMRC has updated its guidance on ‘What will happen if you don’t pay your tax bill’.

16 Aug 2024 00:00 | Published by a Tolley Corporation Tax expert

HMRC redesigns and publishes new IHT100 forms

HMRC has redesigned and published the IHT100 suite of forms which are used to report chargeable lifetime transfers by individuals and transfers by trusts.

14 Aug 2024 00:00 | Published by a Tolley Trusts and Inheritance Tax expert

Tribunal Procedure Committee consultation on changes to procedure rules for the First-tier Tribunal (Tax Chamber)

The Tribunal Procedure Committee seeks views on potential amendments relating to the issue of full decisions.

13 Aug 2024 00:00 | Published by a Tolley Corporation Tax expert

HMRC cuts late-payment and repayment interest rates

HMRC is reducing the late-payment interest rate to 7.5% and the repayment rate to 4% from 20 August 2024 for most taxes and payments. Interest on quarterly instalment payments of corporation tax will also be reduced from 12 August.

06 Aug 2024 00:00 | Published by a Tolley Corporation Tax expert

Changes to the taxation of non-UK domiciled individuals: Summer engagement

HMRC has published a document outlining their ongoing engagement plans regarding the changes to the taxation of non-UK domiciled individuals.

31 Jul 2024 00:00 | Published by a Tolley Employment Tax expert

The Horizon Convictions Redress Scheme and Horizon Shortfall Scheme Fixed Sum Award (Tax Exemptions and Relief) and Social Security amendment Regulations 2024

Two sets of regulations have been issued to exempt certain compensation payments made to postmasters affected by the Horizon scandal from income tax, capital gains tax, corporation tax and Class 1 NICs, and to provide relief from inheritance tax.

29 Jul 2024 00:00 | Published by a Tolley Corporation Tax expert

Autumn Budget date announced

The Autumn Budget will be on 30 October 2024. The Government has also published some tax documents.

29 Jul 2024 00:00 | Published by a Tolley Corporation Tax expert

ATT discuss priorities for the tax system with the Exchequer Secretary to the Treasury

The Association of Taxation Technicians (ATT) has met with James Murray MP, the Exchequer Secretary to the Treasury, to discuss priorities for reforms to the tax system and how it can support economic growth.

25 Jul 2024 00:00 | Published by a Tolley Corporation Tax expert

New guidance on the publication of decisions in the Upper Tribunal (Tax and Chancery Chamber)

New guidance has been issued as to when substantive, interlocutory and permission to appeal decisions of the Upper Tribunal (Tax and Chancery Chamber) will and will not be published.

24 Jul 2024 00:00 | Published by a Tolley Corporation Tax expert

Popular Articles

Foreign tax relief

Foreign tax reliefIncome and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting

14 Jul 2020 11:44 | Produced by Tolley Read more Read more

Trade or hobby

Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of ‘hobby farming rules’, which historically have stated that a profit must be made every six years. This is known as ‘the five-year rule’, in that there can be five years of losses but there must be a profit

14 Jul 2020 13:50 | Produced by Tolley Read more Read more

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more Read more