Readers’ forum: Inheritance headache – Business property relief applicable to legacy

I have a case in which the deceased left a will with a legacy of the nil rate band to his two daughters in equal shares. The definition of the legacy set out in the will is ‘such sum as is equal to the upper limit of the nil per cent rate band in...

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Autumn Budget 2018 – Inheritance Tax – trusts settlement definition

This legislation was introduced following the case of Barclays Wealth Trustees (Jersey) & Anor v HMRC (2017). The issue which arose here was whether there was a single excluded property settlement created with further additions to the trust...

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Autumn Budget 2018 – IHT: changes to Residence Nil Rate Band (RNRB)

The RNRB is an additional allowance to the nil rate band allowance where residential property is being passed on death, to a direct descendent. The 2018/19 threshold is £125,000. This will rise to £150,000 in 2019/20 and £175,000 in...

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BPR – Holiday letting arrangements was not a business mainly holding investments

The First-tier Tribunal handed down its judgement in the executor’s appeal against the notice of determination in The Personal Representatives of Grace Joyce Graham v HMRC (2018) UKFTT 0306 (TC) The Facts Mrs Grace Joyce Graham (Mrs Graham)...

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Alternative method of VAT collection – split payment

At the Spring Statement, the government announced a consultation on alternative methods of VAT collection. This consultation will seek views from a wide range of stakeholders on possible options for how a potential split payment mechanism could...

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