Delivering more rural housing
The CLA has made a submission to HM Treasury ahead of the 2020 Budget recommending a number of changes to the tax system to support the delivery of housing in rural areas by CLA members.
GN07-21 Grazing Licences, Agricultural Property Relief and Business Property Relief
If you have entered into a grazing licence or are considering doing so, this guidance note highlights the key issues you need to consider in relation to maintaining the available inheritance tax reliefs.
OTS: Review of Capital Gains Tax
The Office of Tax Simplification (OTS) was asked by the Chancellor to review capital gains tax (CGT) and issued a call for evidence in July. The CLA has met with the OTS to discuss the tax and has now submitted a detailed response which raises the importance of the reliefs for members' businesses and provides views on the technical detail and practical operation of CGT.
Taxation of Trusts
The CLA has responded to HMRC’s Taxation of Trusts Consultation. HMRC are undertaking a review of all aspects of Trust taxation to see if transparency, fairness and tax neutrality can be achieved. Although Inheritance Tax is often seen as a tax on death, it also has lifetime consequences too, and we have stressed that Trusts are not usually used by members for tax mitigation but as an important tool to protect
personal and business assets both on a day-to-day basis and for the next generation. We have also highlighted areas where we believe there could be a more straightforward regime – particularly for Trusts for young people. We have also argued against some potential changes that were suggested, for example, to remove the Principal Residence Relief for some Trust beneficiaries.
Camilla James
Camilla joined the CLA in January 2019. Prior to joining the CLA she was a partner and head of Private Client at a leading regional law firm, and has also worked at EY and at a Lincoln’s Inn law firm.
CLA83 – A Guide to Annual Tax on Enveloped Dwellings
If you have a company or limited liability partnership that owns a farmhouse, employee accommodation or other let residential property you may be liable for annual tax on enveloped dwellings (ATED).
Making Tax Digital: Publication of the updated VAT Notice
From 1 April 2019, VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are required to keep digital records for VAT and send HMRC returns using Making Tax Digital (MTD)-compatible software. Click here for help and support.
GN15-18 Forestry, Woodlands and Tax
The tax regime for forestry/woodland has always been fairly generous, particularly for those managed on a commercial basis for the realisation of profit.
CLA80 - TAX ISSUES AND DEVELOPMENT LAND
Even before planning consent is granted, or even applied for, the value of land may be affected by the possibility of development being able to take place. It is particularly difficult to quantify such “hope value”, but it may be important to bear it in mind for inheritance tax planning.
General Anti-Abuse Rule (GAAR)
The CLA has responded to the 12th June 2012 consultation that explores proposals to introduce a general anti-abuse rule to counter perceived unacceptable tax avoidance. In its response (which is limited to how such a rule would work within inheritance tax) the CLA has suggested that the rule is unnecessary, but if introduced should replace existing anti-avoidance legislation.
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