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Latest Legal News

Latest Legal News

New Exemption, More Tax

Official statistics have revealed that Inheritance tax receipts hit a record high of £5.2 billion in the last tax year, despite the introduction of the residence nil rate band. This was £400 million higher than the previous tax year.

HMRC data obtained through a freedom of information request has shown that as few as one in six IHT paying estates has claimed the new exemption.

What is the residence nil rate band? (RNRB)

This is a new exemption, introduced for deaths after 6 April 2017.

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Burness admin

The Phoenix and the Taxman

HMRC’s crusade against the avoidance industry continues.  This time, it has set its sights on the misuse of the insolvency regime by HMRC debtor entities for the purposes of retaining gains from tax avoidance, evasion, or repeated non-payment.  As was announced at the Autumn Budget 2017 and in the Spring Statement 2018, the government is now exploring ways and inviting suggestions on how to curtail this abuse.

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Burness admin

Enterprise Management Incentive (EMI) Option Scheme goes on hold (for now)

With effect from 7 April 2018, EU State Aid approval for UK’s EMI Option Scheme has expired. The scheme is a popular choice for smaller trading companies that wish to provide their employees with tax-efficient equity participation.

Her Majesty’s Government has applied for the renewal of State Aid approval in respect of the EMI Scheme, and is currently awaiting the Commission’s ruling.

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Burness admin