The Worldwide Disclosure Facility (WDF) is currently available to disclose a UK tax liability that relates wholly or in part to an offshore issue. For example, this may include income from an overseas property or overseas interest and dividends. Previous offshore disclosure facilities have now closed and so the WDF is the last chance to […]
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HMRC’s new Trust Register has now been launched. The new Trusts Online Service is the portal for trustees to provide HMRC with information required for the Register, such as the name of the trust and the date it was set up, national insurance number and date of birth for the settlor, trustees (and beneficiaries, as required). […]
We are delighted to welcome Sara Burgess to our Private Client Tax team. Sara joins us a Senior Tax Manager from Saffrey Champness, where she was part of their London Private Wealth and Estates team. Sara has over 20 years’ experience advising wealthy individuals and families, family companies, partnerships, landed estates, non-UK resident and/or domiciled […]
Automatic Exchange of Information agreements are made between the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries about financial accounts and investments to help stop tax evasion. UK companies, partnerships and trusts may have obligations under AEOI. For example, if more than 50% of the entities […]
Last year the requirement to deduct tax at source on bank, building societies and National Savings and Investments (NS&I) income was removed and income from these sources is now paid gross. This means that trustees and personal representatives have increased reporting requirements. As a result, HMRC introduced interim arrangements so that trustees or personal representatives […]
In light of recent tax changes, including the extent to which tax relief is available for finance costs (including mortgage interest), many buy-to-let landlords have been considering what can be done to improve the tax efficiency of their rental portfolio. For some people options might include: Reducing debt in the rental business Restructuring debt arrangements […]
The controversial planned increase in probate fees has been scrapped ahead of the general election. Probate fees, which must be paid by personal representatives of estates in order to obtain a grant of probate, were set to increase significantly from May 2017; moving from the current flat amounts (£155 or £215) to a new banded […]
Probate fees, which must be paid by personal representatives of estates in order to obtain a grant of probate, are set to increase significantly from May 2017; moving from the current flat amounts (£155 or £215) to a new banded system under which the probate fees would be £20,000 for estates with a value of […]
Click here to read the latest issue of our newsletter Magma Insights.
