What are trusts for? »
It has finally happened: on 6 June HMRC published the
3rd Consultation document on simplifying the IHT trust
charges calculations for relevant property trusts and how the nil
rate band should be applied to such charges.
Brave new world? »
After attracting such harsh criticism here in the UK, following
on from the credit crunch in 2008, the shape of banking in the UK
looks to be changing at last. Oddly in the US despite the fearsome
Congressional grilling of various key investment bankers and
clearing bankers in Congress, somehow the stench seems to have
finally wafted away.
What is an authorised payment? »
Whatever we might think of the Finance Act 2004 and its attempt
to simplify the taxation of registered pension schemes, the basic
principles were clear. Rather than prescribe a set of unenforceable
rules about what savers could or could not do, the legislation was
based on a set of allowances and permissions. Nothing was 'banned',
rather some transactions would trigger tax recovery charges,
possibly in addition to taxes that would otherwise apply. Although
we all do it, to suggest that an individual can or cannot exercise
an option under a registered pension scheme is invalid. The
transaction will be an available option albeit at the cost of an
enhanced tax liability.