Dealing with estate administration – Family Law

‘It is the job of Executors (appointed under a Will) or Administrators (entitled by law where there is no Will) to deal with administering the estate of someone who has died.’

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Family Law, 22nd May 2020

Source: www.familylaw.co.uk

New tax changes that may impact on divorcing couples – Family Law

Posted May 28th, 2020 in capital gains tax, divorce, families, news, taxation by sally

‘The start of the new tax year has understandably almost arrived unnoticed due to the pandemic, however, there are some pretty big changes which came into effect from 6 April 2020 which may particularly impact divorcing couples.’

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Family Law, 22nd May 2020

Source: www.familylaw.co.uk

Business transactions, beneficial title and resulting trusts: the meaning of “payment” within the unauthorised payments charge regime – Wilberforce Chambers

Posted May 18th, 2020 in appeals, chambers articles, news, pensions, taxation by sally

‘In the recent Court of Appeal (“CA”) decision of Clark v HMRC [2020] EWCA Civ 204 (“Clark”) the Court gave valuable guidance as to the meaning of “payment” for the purpose of the imposition of the tax charge on unauthorised member payments from registered pension schemes under sections 208-210 of the Finance Act 2004 (“FA 2004”).’

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Wilberforce Chambers, 11th May 2020

Source: www.wilberforce.co.uk

Changes to Capital Gains Tax Reliefs When Spouses and Civil Partners Separate – Pump Court Chambers

‘Among all the other changes being made to people’s financial arrangements, firstly as a result of our anticipated Brexit, and then as a result of the Covid-19 pandemic, and their concomitant impact on economies, both macro and micro, share values, savings rates and property values, it’s easy to forget that significant changes have also been made to personal tax arrangements. For those in marriages or civil partnerships who are separating, or for those who have already separated and are going through divorce or dissolution proceedings and their associated financial remedy proceedings, that includes changes to Capital Gains Tax.’

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Pump Court Chamber, 27th April 2020

Source: www.pumpcourtchambers.com

Unauthorised member payments out of registered pension schemes (Court of Appeal—Clark v HMRC) – Wilberforce Chambers

Posted April 22nd, 2020 in appeals, chambers articles, news, pensions, taxation by sally

‘In the Court of Appeal decision of Clark v HMRC, the court held that in considering whether the tax charge imposed on unauthorised member payments under sections 208 to 210 of the Finance Act 2004 (FA 2004) applied, the question of whether a ‘payment’ had been made was to be answered by looking at the practical, business reality of the transaction. Applying that approach, on the facts of the case, a transfer of legal title without beneficial title did constitute a ‘payment’. The Court of Appeal also provided important guidance as to the operation of the discovery provisions within section 29 of the Taxes Management Act 1970 (TMA 1970), including the question of how the scope of a discovery assessment is to be delimited. Written by Jonathan Davey QC of Wilberforce Chambers and Sam Chandler of 5 Stone Buildings, who acted for HMRC.’

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Wilberforce Chambers, 15th April 2020

Source: www.wilberforce.co.uk

Changes to Capital Gains Tax from Monday 6 April – Radcliffe Chambers

Posted April 17th, 2020 in capital gains tax, chambers articles, news, taxation by sally

‘Changes to reporting and tax payment requirements on the disposal of UK residential property affecting both UK and non UK tax residents. A brief summary of the main features appears below.’

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Radcliffe Chambers, 2nd April 2020

Source: radcliffechambers.com

New Judgment: Zipvit Ltd v Commissioners for Her Majesty’s Revenue and Customs [2020] UKSC 15 – UKSC Blog

‘The case concerned whether Zipvit, a trader selling vitamins and minerals by mail order, is entitled when accounting for VAT on its sales to make deductions of input VAT (the tax paid by the trader on goods and services purchased in connection with its business, as opposed to output VAT, which is the tax charged to the consumer by the trader on its goods or services) in respect of the price of postal services supplied to it by Royal Mail.’

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UKSC Blog, 1 April 2020

Source: ukscblog.com

Arron Banks fails in effort to use human rights laws to avoid £162,000 tax bill – The Guardian

‘Arron Banks, the businessman and Ukip party donor, has failed in his attempt to use human rights laws to dismiss a £162,000 tax bill.’

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The Guardian, 2nd April 2020

Source: www.theguardian.com

An Introduction to Cryptocurrency – New Square Chambers

Posted March 25th, 2020 in chambers articles, duty of care, financial regulation, news, taxation, trusts by sally

‘The first thing to say is that you should learn as much about holding and transacting with cryptocurrencies as you have time for.’

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New Square Chambers, March 2020

Source: www.newsquarechambers.co.uk

SRA money laundering supervision to extend to tax advice – Legal Futures

‘The Solicitors Regulation Authority (SRA) could face a cash shortage if the new anti-money laundering (AML) rules increase the number of firms it supervises, it has warned.’

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Legal Futures, 18th February 2020

Source: www.legalfutures.co.uk

Disposals of cryptoassets, tax & the UKJT Legal Statement – Society for Computers and Law

Posted February 6th, 2020 in electronic commerce, jurisdiction, news, taxation by sally

‘Leigh Sagar looks at the mechanics and tax implications of cryptoasset disposals in the light of the UK Jurisdiction Taskforce Legal Statement on cryptoassets and smart contracts.’

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Society for Computers and Law, 29th January 2020

Source: www.scl.org

Reform of inheritance tax: an update – Wilberforce Chambers

Posted February 5th, 2020 in chambers articles, inheritance tax, news, taxation by sally

‘Last summer, I wrote a series of articles about the Office of Tax Simplification’s Inheritance Tax review, second report. There has now been a further development, in the form of the report of All-Party Parliamentary Group on Inheritance & Intergenerational Fairness (APPG), published in January 2020, entitled “Reform of inheritance tax”. The APPG was established in February 2019 and its stated purpose is “to examine the impact the current system of inheritance tax is having on members of the public and identify areas of reform and improvement as well as keep under review the issue of intergenerational fairness and bring forward potential solutions to help solve it”. It is one of the organisations which participated in the OTS’s consultation, providing a short paper in May 2019.’

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Wilberforce Chambers, 3rd February 2020

Source: www.wilberforce.co.uk

Civil partnerships for heterosexual couples: what you need to know – Family Law

‘As of 31st December 2019, it is now possible for both same-sex and heterosexual couples to enter into a civil partnership. The institution was initially devised solely for same-sex couples through the Civil Partnership Act 2004; it was meant to be a distinct separate relationship status for same-sex couples akin, but different to, a marriage. This has now changed and moving into 2020, heterosexual couples may opt for a civil partnership instead of a marriage.’

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Family Law, 5th February 2020

Source: www.familylaw.co.uk

CA: Litigants do not owe duty of care to opponents – Litigation Futures

‘Litigants do not owe a duty of care to their opponents, the Court of Appeal has made clear.’

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Litigation Futures, 18th December 2019

Source: www.litigationfutures.com

Bury fight on after winding-up petition is dismissed in London court – The Guardian

Posted December 19th, 2019 in insolvency, news, sport, taxation, winding up by sally

‘The Companies Court heard on Wednesday that Bury and their owner, Steve Dale, had settled an outstanding debt with HM Revenue & Customs. The winding-up petition was dismissed by Judge Sally Barber, with the club instructed to pay costs.’

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The Guardian, 18th December 2019

Source: www.theguardian.com

Jailed solicitor must repay £3m or face more prison time – Legal Futures

‘A jailed solicitor involved in the UK’s biggest ever tax fraud must repay £3m of his ill-gotten gains or face a further nine years in prison, a judge at the Old Bailey has ruled.’

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Legal Futures, 18th December 2019

Source: www.legalfutures.co.uk

VAT recoverable on shareholder employee tax avoidance scheme says tribunal – OUT-LAW.com

Posted December 11th, 2019 in company directors, employment, news, shareholders, tax avoidance, taxation, tribunals, VAT by tracey

‘Advice on incentivising employees in a tax efficient manner has a direct and immediate link to the purposes of the business and so VAT input tax should be recoverable, even if the employees are directors and shareholders, the UK’s First-tier Tribunal (FTT) has ruled.’

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OUT-LAW.com, 10th December 2019

Source: www.pinsentmasons.com

Taxation of personal service companies and the construction sector: what is changing and who will be affected? – Practical Law Construction Blog

Posted December 10th, 2019 in construction industry, contracting out, news, taxation by sally

‘2020 is looking to be a year in which the tax burden of companies operating in the UK construction sector is likely to increase. This is due, first, to the delayed implementation of the VAT reverse charge (now 1 October 2020) and secondly, to major changes in the UK tax treatment of off-payroll workers. In this blog we discuss the implications of the changes to the off-payroll working rules (commonly known as “IR35”) and the steps companies affected by these changes can take.’

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Practical Law Construction Blog, 10th December 2019

Source: constructionblog.practicallaw.com

High Court ruling “shows strength of Manolete model” – Litigation Futures

‘A High Court ruling refusing to set aside £4.3m judgment in default in a suppressed sales case shows the strength of the litigation funding model used by Manolete Partners, it has been argued.’

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Litigation Futures, 5th December 2019

Source: www.litigationfutures.com

The CumEx trading scandal: What are the implications for the UK? – 5SAH

Posted November 26th, 2019 in financial regulation, news, shareholders, tax avoidance, taxation by sally

‘“CumEx” is a controversial dividend arbitrage stock trading practice currently under investigation in several European jurisdictions with, to date, limited involvement from the UK authorities. It allegedly caused significant losses to various EU treasuries, which are currently engaged in civil proceedings, regulatory settlements and criminal proceedings, including against two former London traders who are currently on trial for tax fraud in Germany.’

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5SAH, 19th November 2019

Source: www.5sah.co.uk