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Briefing quick find:

Do you know your domicile?

Why is it important to know your domicile? Domicile is a critical aspect in establishing the extent to which an individual is liable to UK taxation. Domicile, together with the concepts of residence and ordinary residence, is used to ascertain the…

Normal Expenditure out of Income Exemption

Introduction This exemption applies where the taxpayer can show that a gift (transfer of value) meets all three of the following conditions: 1) It formed part of the transferor’s normal expenditure, 2) It was made out of income, and 3) It left the transferor…

Tax planning with property

Leading tax and legal experts agree that a family home should only form part of an inheritance tax planning exercise as a last resort. Wherever possible, it is usually preferable to look towards other asset classes when considering planning of…

Changes to the Remittance Basis of taxation

Substantive changes have been proposed to the UK taxation of international individuals. This briefing note is designed to highlight the recent changes made and proposals afoot. Changes to the Remittance Basis of taxation On the 28th May 2012 HMRC issued an Information…

Budget Briefing 2012

The main Budget highlights for 2012 are as follows: Personal Income Tax Income tax rates from 6 April 2012 remain unchanged. From 6 April 2013 the additional rate payable on income in excess of £150,000 will reduce to 45%. The additional rate…

Is my trust protected if I get divorced?

Historically, wealthy clients have used trusts to protect family money from taxation and extravagance. Following a series of recent high profile divorce cases, clients are becoming equally anxious to protect their assets from financial claims made by a husband or…