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Posts Tagged ‘tax planning’

The Autumn Statement

The Chancellor ‘s Autumn Statement was, as expected, a fairly gloomy affair. Whilst observers were pleased to see the Office for Budget Responsibility still predicting growth (even if just 0.7%) next year; the depth to which we are dependant on Europe and the rest of the world was brought home in no uncertain terms. From…

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UK double taxation treaties and Delaware LLCs

The upper tax tribunal has released its decision in respect of HMRC v George Anson, a case which involved the interpretation of the UK/US double taxation agreement in respect of Delaware LLCs. By way of background it is helpful to understand the following: • A transparent entity is one in which the member is entitled…

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The future for property

Anyone reading the financial papers over the past few weeks will be thoroughly confused by what is actually happening to property. For a start, are prices rising or falling? The Centre for Economics and Business Research says that by 2015 prices will have risen by 14% to a new all time high. Contrast this with…

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Historic Swiss-UK tax treaty

After a short delay earlier this year the UK and Swiss authorities have announced an agreement on the treatment of monies held by British Citizens in secret Swiss bank accounts. Still to be signed by both governments and ratified in Parliament, the agreement is expected to come into force in 2013. Within the agreement, the…

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Relief as additional Enterprise zones announced

The recent Government announcement on the creation of a further eleven Enterprise Zones has been seen as welcome news for businesses, councils and investors alike. At the time of the announcement in the March 2011 Budget that eleven zones were to be created, the Chancellor invited bids for a further ten zones. In all thirty…

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What price the 50% tax rate?

When the previous Government introduced the idea of a 50% top tax tier many predicted that all this would achieve would be a mass exodus of the wealthy from UK shores. Indeed in an article of 13 December 2009, the Sunday Times reported that Britain’s financiers and entrepreneurs were quitting the UK at the rate…

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New projects for the Office of Tax Simplification

The Exchequer Secretary, David Gauke, has written to the Office of Tax Simplification (OTS) asking them to review three further areas of taxation. The aim of these reviews is to streamline and simplify the process of tax calculations thereby reducing cost and hopefully eliminating the chance of error. The three areas concerned are: Taxation of…

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Calculating an Inheritance

The recent HMRC investigations into small business tax, including that of plumbers and restaurants, have received fairly wide publicity. However, according to accountancy firm UHY Hacker Young, there is another area which HMRC have been quietly spotlighting over the past year and that is inheritance tax. Over the course of 2010 HMRC investigated 9,368 inheritance…

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Budget countdown for higher earners

With less than a week to go before the Budget the rumour mill is in full spate. With every passing remark being scrutinised in depth by the financial press it is sometimes difficult to differentiate between controlled leak and mere speculation. One area hitting the headlines recently has been that of Venture Capital Trusts (VCT).…

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A taxing time

The Japanese earthquake and tsunami has shocked everyone around the world and our thoughts are with the Japanese people as they start the task of reconstruction. As the full scale of the disaster unfolds the financial markets are still trying to assess what the eventual fall out will be. At the time of writing, whilst…

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