Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Gift Hold Over Relief on Divorce
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...
Tax Planning through Wills and Variations
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...
Business Acquisitions and Disposals
We have recently assisted with another successful business acquisition on behalf of a client. Despite the uncertainty caused by Covid, corporate finance activity remains strong and we are finding a significant number of business acquisitions and disposals are taking...
Expert Witness Services
As an Expert Witness, Paul Short has been required to provide his opinion to assist the Court in making its decision. The majority of our assignments in this sector relate to: Divorce Civil Disputes We will often be engaged to report on business valuations or the...
Inheritance Tax – The Residence Nil Rate Band
The Residence Nil Rate Band for Inheritance Tax provides a greater death nil rate band if an individual dies and leaves their family home to their children, grandchildren, step children or adopted children. The normal Nil Rate Band is increased from £325,000 to...
Partnership Agreements for Farms
Many businesses run as partnerships, whereby a number of individuals will be involved in running the business. In this article, I am going to look at Partnership Agreements specifically for Farms. For farming partnerships, the following common factors will often...
Capital Gains Tax (CGT) – Residential Property Pay and File Regime
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...
Inheritance Tax – Business Property Relief and Agricultural Property Relief
Inheritance Tax is charged on the value of assets and two important reliefs are available in the form of Business Property Relief (BPR) and Agricultural Property Relief (APR) which provide an exemption at either 100% or 50% on qualifying assets. Business Property...
Should I incorporate my property rental business?
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 on finance...
Cycle to Work Scheme
The Cycle to Work Scheme is an incentive scheme offered by the Government which allows an employer to provide a bicycle to an employee without a benefit in kind being assessed. Normally, it will be combined with a salary sacrifice scheme, whereby the employee reduces...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
