News & Events

Taxation of Buy-to-Let Properties

In 2015 the UK Government set out its Five Point Plan for housing which was designed to stimulate housing supply and encourage first-time ownership. Support such as this was welcomed by many as the impact of the global financial crisis, and the critical effects this had on the property development sector, continued to be felt by first-time buyers as they battle astronomical rents and house prices worsened by low salaries. Alongside the introduction of affordable homes, and enhancements to the Help to Buy scheme, the Government has over recent Finance Acts introduced a number of tax changes imposed on buy-to-let investors presumably with the intention of deterring investors from investing further, which the Government believes will free up property for owner-occupiers. Read more

Jimmy Carr

In what is commonly regarded as a ‘Golden era’ of British stand-up comedy, 39 year-old Jimmy Carr is, by general consent, one of the leading performers on the circuit. His deadpan delivery and ‘close-to-the-bone’ satire has allowed the comic, who is also a familiar presence on various television and radio programmes, to become a household name, and to amass a multi-million pound fortune.

Unfortunately, as a result of revelations concerning his use of this wealth, few people are laughing along with Mr. Carr at present. Following a Times newspaper investigation, he has emerged as the single largest beneficiary of ‘K2’, a Jersey-based tax scheme allegedly used by wealthy individuals to reduce their income tax liability to roughly 1%. The revelations have drawn stinging criticism from many quarters, reigniting the debate over tax avoidance and the perception of the richest members of society not ‘paying their fair share’.
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Glasgow Rangers EBT

Glasgow Rangers StandIt has consumed enough newsprint to account for a small forest, and provided the hottest of ‘hot topics’ on internet message boards. It has provoked, unsurprisingly, seemingly endless Schadenfreude from rival clubs’ supporters, and has been a huge factor in bringing one of the biggest football clubs in the UK to its knees. On a lighter note, radio phone – ins have acquired a certain comedy value, as callers normally concerned with little more than which new centre forward to sign or whose manager is next for the sack, wrestle with the intricacies of tax law.
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EPT

New Tax Legislationt’s some time since the 2012 Budget, which seems to have caused more U turns in policy than any other recent government with the ‘pasty tax’ and the ‘tax dodging’ charitable donors debacle to name but two of the particular highlights. We now have the calm after the storm and this seems like a good time to give a brief summarisation and our interpretation of the less talked about anti avoidance legislation that was introduced, with immediate effect, to counter the use of ‘offshore trusts’ for IHT avoidance, AKA excluded property trusts. This has not been the subject of a U turn!
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