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Financial News Roundup August 2015

  Financial News Roundup 12/08/2015 Buyers win from lower stamp duty. The Financial Times reported data from Nationwide showing that 235,000 property buyers saved over £275 million in stamp duty on purchases since December 2014 when the stamp duty rates changed.  While 85% of transactions in London and the South East benefited from the changes, […]

The expensive dangers of acting without Power of Attorney

The recently published judgement in the case of JS v KB, [2014] EWHC 483 COP illustrates the dangers of making informal family arrangements for elderly relatives who lack mental capacity without first obtaining the requisite authority from the Court of Protection.   The broad facts of the case are that in March 2012, JS (the daughter) […]

Lifetime Allowance Charge and Family SIPPS

There are suggestions that next month’s lowering of the  lifetime allowance can be sidestepped by using family SIPPs.   As the deadline for the reduction in the lifetime allowance to £1.25m draws nearer, there have been a number of ‘creative’ suggestions about how the change can be dealt with, other than via the use of transitional […]

HMRC trashes Moyles used car dealer scheme

The weekend’s press has created a new “poster boy” for the tax avoidance sector – in the shape of Chris Moyles. Jimmy Carr must be mightily relieved! Broadly speaking, the scheme adopted by Moyles (and hundreds of others – three were selected for attack by HMRC) involved them entering into a trade of selling second […]

A gap between DRAWDOWN rates and ANNUITIES is emerging

It always pays to watch the gap between corporate bond yields and gilt yields, because, all other things being equal, the wider the gap, the closer together are annuity rates (driven primarily by corporate bond yields) and drawdown limits (pegged to 15 year gilt yields). In August 2012, the maximum drawdown rate was 100% of […]

Managed Industrial Estate NOT ELIGIBLE for Business Property Relief

 The First-tier Tribunal has held that a trading estate management company did not qualify for business property relief on the basis that its activities were predominantly investment-related. It is well known that business property relief (BPR) is not available on transfers of business property in cases where the business in question consists ‘wholly or mainly’ […]

High Income Child Benefit Charge

Date posted: Tuesday, February 11, 2014.   The High Income Child Benefit Charge (HICBC) was introduced on 7 January 2013 – meaning the 2012/13 tax year is the first year where individuals are affected by this new charge. Parents effectively had the option of ‘opting-out’ from receiving Child Benefit to avoid being subject to the […]