Category Archives: HMRC

Life Policy Taxation: Draft Finance Bill 2017 Provisions

HMRC have decided not to implement potentially deep ranging changes to the taxation of part surrenders and part assignments of policies of life assurance.

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Tax Consultations of Relevance to Financial Planners

A reminder of the main tax consultations that we could discover the outcome of on 23 November.

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IHT and pensions

Generally speaking, IHT is not an issue for pension arrangements. The pension fund is not in the estate of the member and the relevant property regime doesn’t apply.

There could, however, be the potential of an IHT liability resulting from a single contribution or scheme transfer made within two years of death by an individual who knew they were in serious ill health when they made the transfer.

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Three Lies

There is more than meets the eye to three important pre-election tax changes; Pension death benefits, the residence nil rate band and annual allowance reduction.

Important responsibilities (to inform affected clients) and opportunities to factor the changes into financial planning result for advisers.

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Summary of HMRC Action

A summary of recent HMRC action to combat evasion and avoidance.

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Tax Evasion, Tax Avoidance and Tax Planning

A short HMRC based description of each.

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Expanding the DOTAS hallmarks on IHT

Draft regulations have been issued for consultation and response on extending the hallmarks for the issue of DOTAS reference numbers to IHT arrangements. This development ha relevance for financial planners.

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Developments in Tax Avoidance

HMRC ability to secure “tax up front” through APNs strengthened through the ruling in their favour in a recent judicial review.

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Tax Avoidance: In relation to offshore accounts and deeds of variation.

Tax avoidance in the news in relation to offshore accounts and deeds of variation. What this means for advisers and their clients.

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Disclosure Of Tax Avoidance Schemes and Inheritance Tax

HMRC have recently issued a new consultation entitled “Strengthening the tax avoidance disclosure regimes”. Extending the hallmarks and removing grandfathering are the two key proposals . These proposals could particularly effect some IHT planning and I consider this aspect of the proposals in my latest video blog. You can get more from our Techlink bulletin on the subject.