Budget 2018
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
Wealth Management
30Oct
17Aug
Beware of pension scams
Following changes to the rules on accessing pensions, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are looking to raise awareness of pension scams. The FCA and TPR have launched a new ScamSmart advertising campaign targeting pension holders aged 45-65, the group most at risk of pension scams. A YouGov poll found that […]
03Aug
HMRC has rolled out its tough new strategy on offshore tax compliance
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 […]
16Jul
Do you know the inheritance tax limits?
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 […]
24Apr
Personal representative liable for inheritance tax due
A personal representative who transferred a deceased’s estate to a beneficiary who has apparently now vanished to Barbados has been told by the First-Tier Tribunal that he must pay a £341,278 inheritance tax bill that is due from the deceased’s estate. David Nash, Partner and Head of Legal Practice, said “This case is a reminder that […]
17Apr
Inheritance tax (IHT) revenues hit record high
IHT receipts hit a new record high of £5.3billion in 2017/18; a 13% increase on the £4.7billion collected in 2016/17. David Nash, Partner said “The continual increase in inheritance tax receipts is down to numerous factors, including the nil rate band being frozen since 2009, increasing residential property prices, and growth in asset values generally. […]
03Apr
Magma Insights – Issue 7: Spring 2018
Click here to read the latest issue of our newsletter Magma Insights.
23Feb
Important Information for Trustees – does your Trust need to be registered by 5 March?
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017; these Regulations bring the EU’s Fourth Money Laundering Directive into UK law. To improve transparency these Regulations create new responsibilities for the trustees of many trusts; including the need to compile and maintain […]
05Feb
Leicester office – one year on
Today marks the first anniversary of Clear & Lane becoming part of the Magma Group – time has really flown for the expanding team in Leicester. Managing Partner Mark Tuckwell commented: “The Leicester team have been fantastic, becoming part of an amazing wider team with an outstanding work ethic, suite of expertise and client service […]
23Nov
Autumn Budget 2017 – the review for private businesses
As always, this Budget speech was a dry affair, with macro-economic statistics, policy spending and crystal ball forecasting in high order. Magma’s Budget review concentrates on its impact for private businesses and successful individuals … making it actually relevant! Please click here to read our Autumn Budget 2017 summary.
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