International Tax Compliance (Client Notification) Regulations

The UK’s International Tax Compliance (Client Notification) Regulations have been amended and will come into force on 30 September 2016. The regulations create an obligation on financial institutions (banks, building societies, insurers, fund managers, wealth managers and professionals that offer tax or financial advice or services) to notify their clients about the tax information that… Read More International Tax Compliance (Client Notification) Regulations

September 15, 2016October 5, 2016 STEPeditor2 Comments

HMRC takes aim at inheritance tax planning

Imagine a client comes to you looking to reduce the inheritance tax bill on his death. He cannot afford to make outright gifts, and so instead you suggest he sets up a trust for his grandchildren and makes an interest free loan to the trust. The trust will invest in a UK authorised investment fund.… Read More HMRC takes aim at inheritance tax planning

July 6, 2016 STEPeditor3 Comments

HMRC’s timescales for dealing with IHT

As its June 2015 Newsletter declares, HMRC aims to issue an IHT421 probate summary in ten working days from receipt of an IHT400 Inheritance Tax Account. However this does depend on the inheritance tax being paid first. If it has not been credited to the HMRC account, your IHT400 goes into a different, and slower-moving, pile… Read More HMRC’s timescales for dealing with IHT

June 27, 2016July 19, 2016 STEPeditor1 Comment

CRS and Charities continued…

HMRC has posted its international automatic exchange guidance on the government website, following another meeting held with STEP and charity advisors: International Exchange of Information Manual. The charity guidance will be posted within a week, the HMRC working group promises. Attendees at the meeting discussed the mechanics of the due diligence process of charities in more… Read More CRS and Charities continued…

April 27, 2016April 27, 2016 STEPeditorLeave a comment

HMRC’s digital tax plans under fire

STEP attended a meeting held by HMRC yesterday (3 March 2016) to obtain feedback from tax related governing bodies regarding its imminent – and mandatory – proposals to make tax returns completely digital. We were informed that the objective is to modernise the tax system, improve the level of service for the public and reduce… Read More HMRC’s digital tax plans under fire

March 4, 2016May 23, 2016 STEPeditorLeave a comment

The road to compliance

Jan Wright, of STEP’s UK Practice Committee, and I attended the HM Revenue & Customs Annual Stakeholder Conference today. We heard from Financial Secretary to the Treasury, David Gauke MP, that through policy changes and an investment of £800 million, the government was striving hard to find ways to incentivise tax compliance and make the… Read More The road to compliance

July 16, 2015October 20, 2016 STEPeditorLeave a comment

On HMRC’s Charges on Trusts consultation

Reading HMRC’s on-going consultation ‘Simplifying Charges on Trusts’ does not give much hope for simplification. Of the key proposals, ignoring previous lifetime transfers and non-relevant property in relation to trust exits and ten year charges, is clearly attractive. However, while the idea of splitting the nil rate band between every trust a settlor creates -even… Read More On HMRC’s Charges on Trusts consultation

July 30, 2013November 7, 2013 STEPeditorLeave a comment

I heard it through the grapevine…

Keeping abreast of the ever-changing tax rules is a challenging pastime for all professionals. My time spent on Committees for STEP has been invaluable, as I get to mix with professionals who cover all walks of the trust and estate practitioner fields and learn first hand about the latest issues that will, or might, affect… Read More I heard it through the grapevine…

July 19, 2013November 7, 2013 STEPeditorLeave a comment

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