Tax Aware

All Change Please: Tax under the new Prime Minister

Over recent years, reports on potential changes to longstanding tax principles have been fairly regular; be they in relation to potential increases to capital gains tax, changes to inheritance tax or a possible wealth tax. With the recent change of Prime Minister, discussions around a change of tax policy are rife.

House of Commons Report triggers expected reform of IR35

Following the Public Accounts Committee's report on IR35 compliance (May 2022), HMRC are under pressure to reform the IR35 legislation and guidance.

Proposed extension of tax benefits for divorcing couples

Under new draft measures announced in July 2022, the government plans to extend the situations in which couples who are dividing their assets in the course of a divorce (or dissolution of a civil partnership) may defer CGT liabilities.

Salaried Members: How influential are you?

The "Salaried Member Rules", which deal with the taxation of disguised employment relationships in LLP arrangements, have been considered in the recent case of Bluecrest Capital Management (UK) LLP v HMRC, with a focus on how "influence" is to be judged.

Conflicting AG opinion highlights the privacy issues with public information registers

The debate over the compatibility of EU public registers of beneficial ownership with fundamental rights to privacy and data protection has peaked recently in light of comments made by the EU Advocate General, Giovanni Pitruzzella, in the ongoing joined cases of WM and Sovim SA v. Luxembourg Business Registers.

PPRR: Good news for demolition, development and capital gains tax

The CGT relief available to those selling their main residence was generously granted to the taxpayer in Lee & Lee v HMRC, which is potentially good news for taxpayers who delayed moving in due to extensive property development works.

Tax Aware FAQ: What taxes do I need to consider when buying or selling UK property?

Choosing the right property structure for the right property may allow for tax efficiencies. In this edition of Tax Aware, we summarise the key taxes to consider when making that decision.