On 9 December 2020 The Wealth Tax Commission published its final report, strongly endorsing a one-off wealth tax as a means to raise substantial revenue for the Exchequer. No doubt in these times of economic strain, a one-off wealth tax would be a source of revenue for the Government. The report suggests that a one-off […]
14 December 2020 The UK Government is considering recommendations that have been made to reform Capital Gains Tax (CGT). The recommendations were made in a report last month by the government appointed Office of Tax Simplification. We reported in July and November that trustees should consider taking a number of steps in view of possible […]
On 11 November, the Office of Tax Simplification (OTS) published the first part of its report into simplifying the design of Capital Gains Tax (CGT). Rather than simplify the operation of CGT, many of the recommendations in the report seek to radically overhaul CGT and provide a potentially significant source of tax revenue for the […]
1.) Now is a good time to review existing structures Over the years, structures have been created to hold residential real estate that are no longer fit for purpose. Typically, this might involve residential real estate being owned by an offshore company that in turn is owned by an offshore trust. In past years these […]
On 13 July the Chancellor wrote to the Office of Tax simplification requesting that it reviews capital gains tax and those elements of corporation tax that relate to chargeable gains. This is not an unexpected development and it follows closely a consultation in respect of proposed inheritance tax reform. The rate of CGT for higher […]
Our private client team have identified and reviewed a number of recent trust related development, that may be relevant to you including trust related litigation, tax reform and tax residence. To read more click here.
An earn-out arrangement is one where all or part of the price for acquiring a business is based on the business’s future performance. This part of the price is unascertained at the time of completion and is typically measured by the increase in one or more metrics over a period of time. For example, the […]
Fladgate today announces the appointment of Jonathan Riley as the Head of its Private Wealth group starting on May 1st 2020. Jonathan was previously a Partner at Michelmores and built his career at Macfarlanes and Allen & Overy; Jonathan will head a team of 16 Partners at Fladgate. Fladgate’s Private Wealth group currently advises on […]
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