Summary of Inheritance Tax Reliefs  (402.2 KB)
11th August 2017

Inheritance tax, or IHT, is chargeable on everything of value. Although usually associated with death, IHT is also levied on certain lifetime transactions. To demonstrate how it all works in practice, we have put together a basic guide to IHT.

Family Investment Companies Updated Corporation Tax Rate  (378.4 KB)
25th July 2017

Family investment companies are a means of gifting assets for inheritance tax (IHT) purposes while retaining control over the investment and use of the funds gifted. Until 2006, trusts were more commonly used for this purpose. However, since 2006, gifts to a trust in excess of £650,000 are subject to an immediate inheritance tax charge at 20%. Family investment companies (and family partnerships) seek to mimic some of the controls available from a trust without an upfront IHT charge.

English Lasting Powers of Attorney  (111.3 KB)
10th May 2017

A Lasting Power of Attorney (LPA) is an English form of attorney. It is a legal document authorising someone (the Attorney) to make decisions on behalf of someone else (the Donor).

Reviewing Your Tax and Financial Affairs 2016/17  (242.4 KB)
10th March 2017

Reviewing Your Tax and Financial Affairs 2016/17

Non-Dom Tax Reforms – An Update  (392.5 KB)
17th January 2017

In the Summer Budget of 2015, the Government announced it would change the tax regime for individuals who have a foreign domicile (“non-doms”). The first consultation was published on 30 September 2015 which set out the detail of the proposals.

Investing in UK Property – UK Tax Overview  (299.2 KB)
19th September 2016

There have been a few changes announced over the last year regarding the taxation of property income which are of relevance to anyone owning, or contemplating ownership of, UK residential property.

Brussels IV  (306.2 KB)
25th May 2016

From 17th August 2015, Brussels IV will be binding on EU Member States except for the UK, Ireland and Denmark. The main reason why the UK has chosen not to opt in to Brussels IV is because it may oblige the UK to apply clawback provisions contained in the law of other member states. The government considers this would cause unacceptable uncertainty in relation to lifetime gifts (particularly gifts to charities and trusts) and land registration.

Dividend Tax from April 2016  (314.5 KB)
10th May 2016

As announced in the Chancellor’s Summer Budget last year, the tax regime for dividends changed dramatically with effect from 6th April 2016. The changes will affect taxpayers in widely different ways, depending on the level of their dividend receipts and other income.

Changes to Capital Gains Tax - Budget 2016  (476.4 KB)
16th March 2016

The Budget announced a welcome reduction in the rates of Capital Gains Tax (CGT) by 8% from April 2016. This will mean that the rate of CGT paid by higher-rate taxpayers will reduce from 28% to 20%. The 18% rate applying to basic-rate taxpayers will also reduce from 18% to 10%. This will mean significant tax savings for those disposing of assets such as shares (outside of an ISA), where their gains in a tax year exceed the annual exemption.

Tax Efficient Gifting to Charities Factsheet  (291.2 KB)
25th February 2016

A factsheet intended to provide guidance on Gift Aid; Inheritance Tax; payroll giving; tax relief on shares; land or buildings and personal charitable trusts.

Tax Efficient Gifting to Charities  (309.5 KB)
25th February 2016

For many years the Government has been committed to creating and sustaining an environment which offers tax incentives to individuals to make gifts to charities. There are several tax efficient ways in which an individual can give to charity.

Inheritance Tax and Charitable Legacies  (288.5 KB)
25th February 2016

A new measure to incentivise charitable giving on death was introduced on 6th April 2012. Where someone dies on or after that date and leaves at least 10% of their net estate to a qualifying charity or charities, the rate of inheritance tax on the chargeable part of their estate is reduced from 40% to 36%.

LBTT: The New 3% Surcharge on Certain Dwellings  (295.3 KB)
23rd February 2016

In its draft Budget on 16th December 2015, the Scottish Government announced its intention to introduce a 3% Land and Buildings Transaction Tax (LBTT) surcharge on the acquisition of certain dwellings. This followed an announcement by the UK Government in November of its intention to levy a 3% Stamp Duty Land Tax (SDLT) surcharge on the acquisition of certain dwellings.

Residence Nil Rate Band for Inheritance Tax  (307.4 KB)
23rd February 2016

The summer Budget of 2015 introduced legislation which provides for a new Residence Nil Rate Band (RNRB) for Inheritance Tax purposes. The relevant legislation will come into full effect in respect of deaths on and after 6th April 2017 but also has an important impact in connection with downsizing from 8th July 2015.

Who is a Scottish taxpayer?  (115.6 KB)
22nd December 2015

With attention focused on the Smith Commission Report and the debate around devolved taxes, it would be easy to overlook the introduction of the Scottish rate of income tax in April 2016.

Consultation on the Law of Succession  (301.9 KB)
17th July 2015

On 29th June 2015, the Scottish Government issued a consultation paper on the Law of Succession (www.gov.scot/Resource/0048/00480484.pdf). The consultation is open for written responses until Friday 18th September 2015. The consultation paper is based on the Scottish Law Commission’s 2009 Report on Succession (Scot Law Com No. 215) and is seeking views on the main proposals put forward in that report for some fundamental reforms of succession law in Scotland.

Succession (Scotland) Bill  (294.2 KB)
17th July 2015

On June 16th 2015, the Succession (Scotland) Bill (“the Bill”) was introduced to the Scottish Parliament. The Bill deals broadly with some technical amendments to the law of succession.

Capital losses arising on end of SFP Entitlement  (115.5 KB)
10th March 2015

The transition from the former Single Farm Payment (SPF) Scheme to the new Basic Payment Scheme is now well underway. As farmers and landowners try to understand how the new scheme will operate and what it will mean for them, the transition does bring with it a potential tax benefit that would be easy to overlook.

Capital gains tax extended to disposals of UK residential property by non-UK residents  (290.4 KB)
19th December 2014

The Chancellor announced in the 2014 Budget that capital gains tax would apply to disposals of UK residential property by non-UK residents from 6th April 2015. A consultation on the proposal was held and the Government has published its response to the consultation. Draft legislation has now been published giving more detail on the proposed changes. The draft legislation will be included in the Finance Bill 2015 and apply from 6th April 2015.

Land and Buildings Transaction Tax  (313.0 KB)
7th November 2014

From April 2015 Stamp Duty Land Tax (SDLT) will be replaced in Scotland by Land and Buildings Transaction Tax (LBTT) which will be the first fully devolved Scottish tax. The relevant legislation can be found in the Land and Buildings Transaction Tax (Scotland) Act 2013, which was passed by the Scottish parliament on 25th June 2013.

Statutory Residence Test  (334.2 KB)
14th October 2014

In 2011 the Government announced its intention to introduce a new statutory test of residence for tax purposes. The statutory residence test applies from 6 April 2013.

Agricultural Property Relief  (387.7 KB)
7th April 2014

Agricultural property can attract relief from inheritance tax at 100% or 50%, both on death and in respect of lifetime transfers. The relief is subject to certain restrictions...

Inheritance Tax - Normal Expenditure out of Income Relief  (377.2 KB)
4th April 2014

Turcan Connell discusses why, when a person gifts assets during their lifetime, subject to certain exemptions, there are a number of different variable to consider.

Inheritance Tax - Business Property Relief  (299.5 KB)
26th March 2014

Turcan Connell looks at how certain assets claimed as 'business property' attracts valuable reliefs from inheritance tax, at 100% or 50% both on death an in respect to lifetime transfers.

Employer Financed Retirement Benefit Schemes EFRBS  (304.5 KB)
3rd February 2014

An EFRBS is an unapproved pension scheme set up by an employer to provide retirement or death benefits for senior executives or employees and their families.

Enterprise Investments Scheme  (327.3 KB)
17th October 2013

This note covers the tax treatment of investments qualifying for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS).

Inheritance Tax Planning  (297.1 KB)
9th September 2013

An important inheritance tax (IHT) decision for estate owners issued by the Tax Tribunal in the Brander Case.

Legal Rights in Scotland  (295.9 KB)
12th June 2013

Under Scots law a surviving spouse, civil partner and children are entitled to certain legal rights when a person dies with or without a will. These rights are known as Legal Rights.

High Value Residential Properties – the new taxes  (387.7 KB)
14th March 2013

In its drive to tackle tax avoidance the Government is introducing three new measures designed to discourage the use of companies and other corporate vehicles to hold high value residential properties, a practice which is referred to as “enveloping”.

Tax Planning for Non-UK Domiciliaries  (301.8 KB)
11th February 2013

Under the UK tax rules, domicile is a broad concept which is determined by the courts rather than legislation. Domicile is not necessarily where someone is born or their nationality, but a test of where someone regards as home.

General Anti-Abuse Rule (GAAR)  (333.6 KB)
18th December 2012

The Government raised the prospect of a general anti-abuse rule (GAAR) in the June 2010 Budget. Following a report by Graham Aaronson Q.C. in November 2011 and a Government consultation document in June 2012, a revised form of the GAAR legislation was published in December 2012.

The New Scottish Property Tax  (289.9 KB)
12th December 2012

From April 2015 Stamp Duty Land Tax ("SDLT") will no longer apply in Scotland and, as provided for in The Scotland Act 2012, the Scottish Parliament has the power to set a tax on land transactions from that time. The Scottish Government has already consulted on "Taking Forward a Scottish Land and Buildings Transaction Tax" and has just published the draft legislation (the Land and Buildings Transaction Tax (Scotland) Bill) which is scheduled to be enacted in the summer of 2013.

Venture Capital Trusts factsheet  (301.4 KB)
3rd October 2012

A Venture Capital Trust is designed to encourage individuals to invest in a range of small, higher-risk trading companies whose shares and securities are not listed on a recognised stock exchange.

The Scotland Act  (374.6 KB)
27th September 2012

The Scotland Act 2012 has the potential to bring about the biggest changes to taxation in Scotland since the 1980s. David Welsh sets out what the financial section of the Act means for you and how your personal finances could be affected by the changes.

Employee Benefit Trusts Factsheet 2014  (303.6 KB)
14th August 2012

An Employee Benefit Trust is a trust which can be established either in the UK or offshore and which is set up by a company to hold cash and other assets as a tax efficient way to provide benefit to employees and their families for the purpose of attracting and retaining quality staff.

Family Partnerships  (298.2 KB)
23rd July 2012

Parents or grandparents wishing to gift assets to children or grandchildren as part of inheritance tax (IHT) planning have traditionally tended to use trusts as the preferred wealth planning structure.