A recent report by the House of Lords Economic Affairs Committee warned that the increased powers given to HMRC to tackle tax avoidance and evasion are undermining the rule of law and justice, and has demanded a review of the oversight of HMRC and its powers. The committee’s chair is quoted as saying “HMRC has […]
Tax impacts land and property owners in a multitude of ways. From Stamp Duty Land Tax on purchase, to tax on sale or death (…whichever comes first!) We have a depth of expertise in these matters, successfully helping clients reduce their tax burdens. We have been busy dealing with tax matters on land and property […]
Unlike the last few, yesterday’s Budget proved quite eventful for private businesses and successful individuals. Magma’s review is focused on those impacts. To read more, click here
A couple of weeks ago, Britain’s next biggest firms of accountants, behind the “Big Four”, met with competition regulators to discuss limiting the Big Four’s dominance of the plc Audit market. Amongst the proposals tabled were to limit how many FTSE350 company audits the ‘big four’ should be allowed to conduct. Officials from the ‘prize-chasing’ […]
Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015. Make a claim now for 2018/19, and also backdate if eligible. Please click here to read our article. .
The government is giving consideration to the introduction of tax incentives for landlords who offer longer tenancies as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is seen as a way of supporting the increasing number of private tenants […]
HMRC has rolled out its tough new strategy on offshore tax compliance. The ‘requirement to correct’ (RTC) imposes a legal requirement on taxpayers to disclose previously undeclared offshore matters; the deadline is 30 September 2018. HMRC’s Wealth units are writing letters to all taxpayers within their units to advise them of this new requirement, with […]
When furnished holiday property is let on a commercial basis for short periods, the owner can benefit from tax reliefs which wouldn’t otherwise be available to residential landlords, providing certain conditions are met. To find out more please click here to read our article.
According to a recent survey by Canada Life, over two thirds of those whose estates may be liable for inheritance tax (IHT) are unaware of the threshold for the standard nil rate band of £325,000. More than half of those recently surveyed did not know that all of the following are liable for IHT as […]
In the case of Executors of Joyce Graham (deceased) vs. HMRC, the First-tier tax tribunal (FTT) has ruled that a holiday letting business qualified for business property relief (BPR) for inheritance tax purposes. In recent years HMRC have successfully challenged a number of BPR claims made for holiday let businesses on the basis that the […]
