TODAY’S HEADLINE

Britain's Chancellor of the Exchequer Gordon Brown holds his briefcase as he leaves Downing Street to unveil his Budget in the House of Commons in London, March 17, 2004.   REUTERS/Stephen Hird

Mini Budget Predictions – the proposed inheritance tax (IHT) changes

Our Tax Associate, Chris Hodgson shares his predictions ahead of tomorrow’s Mini Budget…. Having been heavily featured in the media, the extra nil rate band for Inheritance Tax for homes is almost certain to be included in tomorrow’s emergency … [Read More...]

Britain's Chancellor of the Exchequer Gordon Brown holds his briefcase as he leaves Downing Street to unveil his Budget in the House of Commons in London, March 17, 2004.   REUTERS/Stephen Hird

Mini Budget Predictions – the proposed inheritance tax (IHT) changes

Our Tax Associate, Chris Hodgson shares his predictions ahead of tomorrow’s Mini Budget…. Having been heavily featured in the media, the extra nil rate band for Inheritance Tax for homes is almost certain to be included in tomorrow’s emergency Budget. It will also be interesting to see whether the second half of the proposed changes that were leaked in March (when there was a Coalition government) will be implemented. That proposal, which was to help to pay for the extra nil rate band, would see the nil rate bands of persons with more than £2 million of assets being tapered away. If these rules are implemented, there will be no nil rate band for those who have assets of more than £4 million. Tapering away the nil rate band would make sense – to help hard working families whilst putting government finances back on track. However, to avoid heaping more tax on to people who might be seen as being the natural constituency of the Conservative Party, this part of the proposal may … [Read More...]

Britain's Chancellor of the Exchequer Gordon Brown holds his briefcase as he leaves Downing Street to unveil his Budget in the House of Commons in London, March 17, 2004.   REUTERS/Stephen Hird

Mini Budget Predictions – the proposed inheritance tax (IHT) changes

Our Tax Associate, Chris Hodgson shares his predictions ahead of tomorrow’s Mini Budget…. Having been heavily featured in the media, the extra nil rate band for Inheritance Tax for homes is almost certain to be included in tomorrow’s emergency Budget. It will also be interesting to see whether the second half of the proposed changes that were leaked in March (when there was a Coalition government) will be implemented. That proposal, which was to help to pay for the extra nil rate band, would see the nil rate bands of persons with more than £2 million of assets being tapered away. If these rules are implemented, there will be no nil rate band for those who have assets of more than £4 million. Tapering away the nil rate band would make sense – to help hard working families whilst putting government finances back on track. However, to avoid heaping more tax on to people who might be seen as being the natural constituency of the Conservative Party, this part of the proposal may … [Read More...]

Community Amateur Sports Clubs- And they’re off!

On Friday 27th March 2015, HMRC finally released the long anticipated CASC guidance notes, found at the link below, in relation to the new rules which will officially come into action on 1st April 2015. https://www.gov.uk/government/publications/community-amateur-sports-clubs-detailed-guidance-notes/community-amateur-sports-clubs-detailed-guidance-notes The guidance notes were as expected with some helpful examples included to demonstrate ways in which current registered CASCs could adapt certain aspects of their club in order to remain compliant with the new requirements. For example, the guidance provides detailed examples of ways which golf clubs could adapt their membership fees in order to enable those golf clubs with fees higher than the new £520 annual limit to remain a CASC. The guidance also sets out methods which HMRC would find acceptable as methods for CASCs to keep records of their members who “participate” in the sport, to assist those clubs with … [Read More...]

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