Personal Tax

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Tax | Summer Budget 2015: simplifying charges on trusts

Following consultation, Finance (No. 2) Act 2015 will include legislation to reform IHT for relevant property trusts and make the tax system fairer by preventing individuals from being able to create multiple trusts and avoid IHT through the use of multiple nil rate bands

Tax | Summer Budget 2015: personal tax allowances rise

In today’s Budget, Chancellor George Osborne confirmed the government is to legislate for a ‘tax lock’, setting a ceiling for the main rates of income tax, the standard and reduced rates of VAT, and employer and employee (Class 1) NICs rates, ensuring that they cannot rise above their current (2015-16) levels

Tax | Supreme Court rules in non dom’s favour in landmark US/UK DTR case

In a landmark decision on the tax status of a non-dom taxpayer, the Supreme Court has ruled in favour of Mr Anson, a former private equity partner, who remitted income from a Delaware limited liability company (LLC) in US to the UK stating that he is entitled to double taxation relief (DTR), overturning earlier decisions on the issue at the Upper Tribunal (UT) and Court of Appeal 

Tax | Tax updates: July 2015

Our monthly round-up of significant tax cases includes business property relief denied in Green case over Flagstaff Holidays, non-cash consideration forms part of disposal proceeds, appeal allowed in Jackson case over takings claims, country by country reporting rules released and Monsanto considers relocating tax base to UK for tax advantage 
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