Introduction: Facts and Legal Issue An interest in possession trust is one where a beneficiary (often called a life tenant) has the present right to the present enjoyment of trust income, such as receiving income as it arises from the trust assets. The core legal issue is the taxation of
Introduction This enquiry considers the use of limited liability partnerships (LLPs) as a structure for property investments in the UK. The analysis addresses the legal, tax, and operational considerations, as well as the advantages and disadvantages of LLPs compared with other investment vehicles. It draws from legislation, case law, and
A Complete Guide to Preserving Wealth and Securing Future Generations When it comes to building and preserving wealth for future generations, families often turn to investment companies and trusts. These tools not only ensure financial growth but also provide strategic advantages in estate planning, asset protection, and governance. In this
Introduction Hiring family members in a business is common, especially in small or family-run enterprises. However, it’s crucial to understand how national minimum wage (NMW) laws apply—even when employing relatives. This guide outlines the key legal, tax, and HR considerations to ensure you remain fully compliant while paying fair wages.
Assigning directors’ loans to children can have significant inheritance tax (IHT) implications, depending on how the transaction is structured and the timing. Here are some key points to consider: 1. Nature of the Loan Transfer Gift vs. Loan:When you assign a director’s loan to a child, it can be viewed
The treatment of VAT (Value Added Tax) on cryptocurrencies varies depending on the country and its specific tax laws. Here’s a general overview: European Union (EU) Cryptocurrencies as means of payment: Generally, the EU treats cryptocurrencies as a form of electronic money or financial instruments rather than goods or services.
In a move that has caught the attention of many UK businesses and taxpayers, Her Majesty’s Revenue and Customs (HMRC) has announced an increase in the interest rates applied to late payments. Effective immediately, the interest rate on overdue amounts has been raised by 1.5%. This change underscores the government’s
In the UK, landlords may seek Power of Attorney (PoA) for several reasons related to managing their property portfolios, especially when they are unable to personally handle certain affairs. Here are some common reasons why UK landlords might need a Power of Attorney: Types of Power of Attorney Relevant to
Preserving Legacy Through Trusts: The Smart Way to Own UK Property BEYOND OWNERSHIP A High-Net-Worth Perspective on Trusts and Estate Planning for Residential Property You don’t just buy a house. You buy permanence. You buy legacy. You buy a seat at the table your grandchildren might one day inherit. But
I have often advised my clients on tax advantages of leasing electric and low emission company cars for their directors and key employees, without reference to actual legislation.
The legislation was in Finance Act 2017, Schedule 2. This amended ITEPA 2003, Section 121A.