Wealth, Health and Inheritance Briefing

April 2021 edition

In this issue we report on the capital tax provisions in the recent budget; it would appear that any radical changes are still to come. Could those changes include a Wealth Tax? We look at the Wealth Tax Commissioners’ report.

We have recently launched an online Wills tool which we believe will make it easier for clients to know which Will suits them best. In this issue we look at how this tool could work for your clients.

The requirement to register tax paying trusts has been with us for a few years but is now to be extended to most express trusts, whether or not they are liable to pay tax. We outline all you need to know about the forthcoming extended Trusts Registration Service.

Finally in this issue our case report looks at the closing of a last minute opportunity to mitigate capital gains tax by maximising business asset disposal relief (formerly known as entrepreneurs’ relief). If your clients are thinking about disposing of their businesses tax planning needs to start well in advance of the disposal.

If you have any comments on this issue we would be delighted to hear them.

Anthony Fairweather

In this edition

Capital taxes and the budget

As predicted by many, the budget provided more help for those individuals and businesses adversely affected by the coronavirus pandemic bringing the total government COVID-19 existing and projected support package to £407 billion. Read more

A “fair and efficient” tax

Figures from the Institute of Government show that in 2020 the reduction in GDP as a result of the coronavirus pandemic was the biggest decrease in any year since 1709 (apparently the year of the “great frost”). Read more

Helping your client make a Will: which Will is best?

Arguably the most important document the average person will sign during their lifetime is a Will; after all, which other document deals with all an individual’s assets and decides who will receive them after their death? Read more

Trustees’ obligations and the expansion of the Trusts Registration Service

If you act for trustees who administer a trust without professional help, or if you are a trustee, you should familiarise yourself with the obligations imposed by the expansion of the Trusts Registration Service (TRS) which will now apply to most express trusts whether or not the trust pays tax. Read more

Business Asset Disposal Relief: tax planning requires more foresight

In July 2019, when Business Asset Disposal Relief (BADR) was still known as Entrepreneurs’ Relief (ER), the First Tier Tax Tribunal handed down a decision in respect of three settlements created by a Mr Quentin Skinner which seemed to open up some last minute capital gains tax (CGT) planning for trusts disposing of family company shares. Read more