Are you clear on the theory behind inheritance tax calculations, but lost when it comes to actually making the calculations? Come to my MBL Seminars Ltd course on Friday afternoon! We will be looking at the precise steps required to get you from theory to the calculation of the eventual IHT including dealing with CLTs and PETs in life, the practical application of business and agricultural relief and charitable donations... it will be fun 😀
Good news for those wishing to rely on the Conditional Exemption Tax Incentive Scheme for buildings, land, works of art and other objects that qualify; leading to an exemption from UK IHT and CGT as long as they are open/viewed by the public for a certain minimum period in the tax year. Due to the COVID-19 lockdown, HMRC have confirmed that they will not consider the conditions broken if the national heritage property is closed, or delays its opening to later in 2020. This will apply even if some periods covered by the agreement are missed, or that it does not open at all in 2020. When the government advice on the lockdown changes, HMRC will expect the property to be open later in the year to make up for any lost days, if possible.
Quick message for all my CLT International STEP – Advising Families Across Generations 'UK Tax For International Clients students'... check out The Upper Tax Tribunal's decision in Davies v HMRC (2020 UKUT 67 TCC) where you will find a great discussion of the 'motive defence' we talked about in our last session together. The case shows that HMRC doesn't have to prove an allegation of tax avoidance, it is the taxpayer who must themselves prove there was no intention for avoidance.
Due to high demand I am repeating my seminar on the impact of COVID-19 on the exceptional days of the Statutory Residence Test for MBL Seminars Ltd tomorrow afternoon. Don't let your clients slip up by not realising which days will be counted and which will not!! Book here...
In this article by the CIOT, there are interesting thoughts on how the Government will be able to pay for the furlough and self-employed help it is giving... "Without such reform – possibly entailing tax rises – the government will struggle to raise the revenues needed to fund the services and benefits that the public expect." hashtag#tax hashtag#incometax hashtag#taxes hashtag#taxplanning hashtag#taxlaw hashtag#hmrc hashtag#uktax
Calling all accountants and solicitors who need to either prepare or understand trust or estate accounts... this course is for you! A two-part (6 hours in total) course explaining all the detail you need to successfully prepare and or understand trust and estate accounts. We will look at all the tricky bits including how to split capital and income, what to do with XD dividends and how to deal with a QIIP ending ...See you there Friday week!! #uktax #accountingfortrusts #accountingfordeathestates #probate #trustaccounts #estateaccounts #accountants #solicitors #privateclientsolicitors #trustandestates #accounting #accountingtips
Let's look at the detail... a day is not what you think it is when defined by the Statutory Residence Test. What are 'Days', and more importantly, what are 'Exceptional days' and how will COVID-19 refine this definition in these unprecedented times? No need to leave your (home) desk! Come and learn live with me Wednesday week... See you there! hashtag#Statutoryresidencetest hashtag#tax hashtag#taxplanning hashtag#taxlaw hashtag#incometax hashtag#capitalgainstax hashtag#cgt hashtag#expats hashtag#uktax hashtag#expattax hashtag#hmrc hashtag#covid19uk hashtag#coronavirusuk
Are you worried that being kept in the UK due to COVID-19 is going to affect your UK non-residence? HMRC have advised that those who are either quarantined or advised by a health professional or public health guidance to self-isolate in the UK as a result of the virus; find themselves advised by official Government advice not to travel from the UK as a result of the virus; unable to leave the UK as a result of the closure of international borders, or are asked by their employer to return to the UK temporarily as a result of the virus...the circumstances will be considered as exceptional, and therefore up to a limit, will not count as days in the UK. See RDRM11005
Did you know that there are FIVE different types of tax law domiciles? Did you know your clients can still be liable to UK IHT even if they have been living abroad for 20 years? 😱Calling all my fellow accountants, solicitors and tax practitioners who ever wished they knew more about taxing foreign expats here in the UK and us Brits who are expats abroad. (Well kind of 'Kiwi' Brit in my case 😂)... Come to my London full day seminar on expat tax. Next Wednesday 9.30am start. See you there! #tax #taxplanning #uktax #cgt #capitalgainstax #sellingassets #incometax #ukcgt #taxlaw #accountants #expats #foreign #expattax #abroad #iht here to edit.