A number of benefits can be provided by employers to their staff without creating a taxable benefit in kind on the employee. These include: Trivial benefits in kind –the benefit cannot be cash, the cost does not exceed £50 and it is not provided in recognition of...
Gift Hold Over Relief allows the gain on a transfer to be deferred when a qualifying business asset is gifted. The relief defers the gain for the donor by reducing the base cost of the asset in the hands of the donee. It is noted that gift relief is restricted for any...
An individual’s Will and the use of Deeds of Variation potentially allow mitigation of Inheritance Tax liabilities on the person’s death. Planning factors to minimise Inheritance Tax liabilities include: Utilising the spouse exemption. This potentially allows assets...
New rules were introduced in April 2020 requiring that individuals who sell residential property on which CGT is payable must report and pay the gain to HMRC within 30 days of completion of the sale of the property. We are continuing to assist clients in meeting their...
Following the introduction of the tax relief restriction on finance charges for residential lettings, we often receive enquires asking “should I incorporate my property rental business?”. The restriction which has been introduced restricts the tax relief...
We have been seeing in the press that divorce rates during the pandemic have soared, with some firms seeing a near 50% increase in cases year on year. At Lambert Chapman LLP, although we cannot help with the legal side of proceedings, we can help you navigate the...
