Bespoke - for private clients
Thursday, September 13, 2012 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax,
capital gains tax,
inheritance tax,
CGT,
IHT,
Mike Hyland,
gifts,
sale,
capital gains,
IHT planning,
exemption,
wasting asset,
pre-eminent object,
gift with reservation,
Acceptance in Lieu,
douceur,
chattels,
leaseback,
heritage assets
While art, historic buildings and other ‘heritage’ assets are normally acquired more for their aesthetics and history than their tax efficiency, there are a number of tax advantages and reliefs that can apply. We look at a few examples of how owners of these assets can manage their tax position.
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Thursday, July 26, 2012 | Posted by: Mike Hyland
Categories:
Business,
Personal,
Protecting your wealth
| Tags: tax,
capital gains tax,
inheritance tax,
CGT,
IHT,
Mike Hyland,
shares,
sale,
BPR,
Entrepreneurs' Relief,
Business Property Relief,
Entrepreneurs’ Relief,
non-trading assets,
holdover relief,
company sale,
HMRC clearance,
trading company,
trading status,
investment assets
There are a number of reliefs that can help company owners mitigate capital gains tax (CGT) on selling or giving away their shares, and inheritance tax (IHT) on their death or on a gift into trust. A general requirement for all of these reliefs is that your company or corporate group must be ‘trading’. Here I’ll explore what this means and how the position might be optimised.
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Tuesday, June 19, 2012 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax,
capital gains tax,
inheritance tax,
CGT,
IHT,
EIS,
Mike Hyland,
enterprise investment schemes,
sale,
Entrepreneurs' Relief,
Business Property Relief,
selling,
selling a business,
share options,
Seed EIS,
non-trading assets,
company sale
After working for years to build up a successful business, you are likely to want to limit the extent to which the taxman collects the fruits of your labour when you come to sell your company. To optimise your financial position, here are some things to consider before, during and after the sale process.
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Tuesday, May 29, 2012 | Posted by: Francesca Lagerberg
Categories:
Protecting your wealth
| Tags: HMRC,
CGT,
tax policy,
Gaines-Cooper,
residency,
Tax Investigations,
non-uk residence,
guidance,
Mansworth v Jelley,
enquiry,
changing rules,
capital losses,
judicial review
In some recent high-profile tax cases some individuals have been caught out by HM Revenue & Customs (HMRC) changing its mind or perhaps ‘clarifying its view’. With ongoing uncertainty over the Mansworth v Jelley case guidance, it begs the question: how much can you rely on what HMRC says in its guidance?
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Tuesday, May 01, 2012 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax planning,
capital gains tax,
inheritance tax,
CGT,
IHT,
tax avoidance,
George Osborne,
Mike Hyland,
non-dom,
minimise,
non-domicile,
stamp duty land tax,
Budget 2012,
avoidance,
non-doms,
SDLT,
residential property,
non-natural person,
property development,
property investment
Buyers and owners of high-value residential property are the latest group to be chased for potential tax avoidance. Chancellor George Osborne believes they are avoiding taxes too readily and announced a raft of changes aimed at extracting tax in the recent Budget. Find out if you’re affected, and by how much, below
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Tuesday, March 06, 2012 | Posted by: Mike Hyland
Categories:
Business,
Personal,
Protecting your wealth
| Tags: business,
tax,
tax planning,
capital gains tax,
inheritance tax,
CGT,
income tax,
IHT,
tax relief,
trusts,
Mike Hyland,
money,
minimise,
main residence,
school fees,
incorporation,
settlor,
mortgage interest,
trustee
Welcome to a new occasional blog series for high net worth individuals (HNWIs) and high earners in which we answer your burning financial questions. This month, tax manager Mike Hyland is asked about incorporating a business, tax relief on school fees and other money-saving issues.
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Thursday, February 16, 2012 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax,
tax planning,
capital gains tax,
CGT,
income tax,
tax relief,
trusts,
EIS,
Mike Hyland,
venture capital trusts,
minimise,
start-ups,
Seed EIS,
SEIS,
share loss relief,
Seed Enterprise Investment Scheme,
small companies
How would you like to make investments that might help kick-start the recovery of Britain’s economy and that offer you a significant tax incentive? This appears to be possible under the new Seed Enterprise Investment Scheme (SEIS), due to come into effect from 6 April 2012.
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Thursday, February 09, 2012 | Posted by: Chris Tysoe
Categories:
Business,
Protecting your wealth
| Tags: business,
tax planning,
capital gains tax,
CGT,
income tax,
Entrepreneurs' Relief,
Entrepreneurs’ Relief,
Chris Tysoe,
liquidation,
closing down a company,
striking off,
ESC C16,
shareholder,
share capital,
dissolution,
company distributions,
payment of capital,
extraction of funds,
winding up,
Extra Statutory Concession
Time is of the essence for anyone seeking to extract funds from a company in the process of being struck off. From 1 March 2012, new legislation may bring higher tax liabilities on any payments out of the business before it is dissolved.
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Thursday, December 01, 2011 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax,
tax planning,
capital gains tax,
inheritance tax,
CGT,
income tax,
trusts,
Mike Hyland,
inheritance,
minimise,
Family Limited Partnerships,
estate planning,
succession,
family wealth,
family investment company,
investment company,
relevant property,
10-year charge,
FIC
Trusts are less tax-favoured than ever before since the trust taxation changes and the introduction of the 50% income tax rate. Could family investment companies provide a better alternative for wealthy families?
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Wednesday, November 23, 2011 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax,
tax planning,
property,
capital gains tax,
inheritance tax,
CGT,
income tax,
IHT,
trusts,
Mike Hyland,
inheritance,
minimise,
Family Limited Partnerships,
succession,
family wealth,
family investment company,
wealth planning,
relevant property,
10-year charge
After the changes to the taxation of trusts in recent years, we consider whether they are still a viable option for family wealth and succession planning, and introduce a couple of alternatives to trusts.
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