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December 2024
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Dividends Done Right: Understanding Company Law Requirements
Where a business is operated as a family or personal company, the directors or shareholders will need to extract the profits if they wish to use them personally outside the company.
Sarah Bradford explains how to extract profits from a family company as dividends while meeting legal requirements.
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‘Closely inherited’: What does it mean?
The inheritance tax (IHT) residence nil rate band (RNRB) provisions were introduced in F(No 2)A 2015, and are applicable to deaths occurring on or after 6 April 2017.
Malcolm Finney takes a look at the complex provisions for inheritance tax residence nil rate band purposes.
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Substantial shareholdings exemption: A refresher
The substantial shareholdings exemption (SSE) is now probably about as flexible as it could be without compromising its main purpose, being, broadly to encourage corporate investment in trading companies and to ensure that tax does not drive irrational decision making in corporate structuring (references are to TCGA 1992, Sch 7AC, unless otherwise stated).
Ken Moody explores the current ‘state of play’ with the substantial shareholdings exemption for practitioners who may come across it only infrequently, and discusses some practicalities.
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VAT: Certificates for zero-rated building work
In many cases, a construction business does not need to obtain a certificate to zero-rate their supply of construction services (e.g., if they are building new residential property which is automatically zero-rated). This includes houses and apartments.
Andrew Needham looks at when a construction business should obtain a certificate before zero-rating building work.
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Tax case reviews
Mark McLaughlin reviews two recent important tax cases:
- Taxpayer had reasonable excuse for late tax return but failure was not remedied without unreasonable delay
- Conditions for valid HMRC discovery assessments were not met
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SDLT: Dwellings and residential properties
In August 2019, Mr and Mrs Mudan bought a property in London for £1,755,000. It was treated as a residential property and stamp duty land tax (SDLT) of £177,000 was paid accordingly.
Richard Curtis highlights a recent decision by the Upper Tribunal which considered whether a dwelling was suitable for use as a residential property.
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Trusts and their uses
Trusts are essentially a separation of an asset’s ownership between the legal owner (the trustee) and the beneficial owner, i.e., the person or people who can enjoy that asset (the beneficiary).
Chris Thorpe considers some of the features and potential benefits of trusts.
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Q&As with Arthur Weller
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