Monthly Thought. After 2026 (and if current proposals go ahead), businesses and farms (even farms which are businesses!) will qualify for 100% inheritance tax relief only on £1million of value – thereafter it’s only 50% relief. That £1million limit is per...
How Do You Solve a Problem Like English Partnerships? Chris ThorpeChartered Institute of Taxation English partnerships are transparent for tax purposes, but there is no legislation outlining the tax rules besides a Statement of Practice (SP) (1975). Limited liability...
Equity in tax—all change after 1873? Chris ThorpeChartered Institute of Taxation Until the late 19th century, equity and common law courts were separate. Tax courts emerged from equity, and today equitable principles and maxims govern the tax legislation, as well as...
Monthly Thought. Inheritance Tax. It’s often said that the Inheritance tax is a tax paid by those who trust their relatives even less than they do HMRC or that it’s essentially a voluntary tax – there is some ring of truth to both of these. With...
Monthly Thought. Inheritance and capital gains taxes It is widely anticipated that changes to inheritance and capital gains taxes will form part of the 30 October budget. CGT rates could be aligned to income rates, resulting in tax rates of 40-45%! Get in touch if...
