Benjamin M. Craig

1 month ago | taxjournal.com | Benjamin M. Craig |Helen McGhee |David Whiscombe

The Chancellor of the Exchequer Rachel Reeves announced in the Autumn Budget on 30 October 2024 that two major reliefs from inheritance tax (IHT) Agricultural Property Relief (APR) and Business Property Relief (BPR) would be significantly reformed. In essence the 100% relief from IHT on qualifying business property including company shares and agricultural property which has applied for over 30 years will be capped and a new reduced rate of relief of 50% will apply above the limit.

1 month ago | taxjournal.com | Benjamin M. Craig |Helen McGhee |David Whiscombe

HMRC have opened 14 investigations for suspected underpayments of the energy profits levy by oil and gas companies reports Pinsent Masons. Jake Landman Partner and tax disputes specialist at the firm said: ‘The Energy Profits Levy is an extremely high-profile new tax and HMRC is treating compliance very seriously. Normally when a new tax is introduced HMRC takes a ‘soft launch’ approach to enforcement.

1 month ago | taxjournal.com | Benjamin M. Craig |Helen McGhee |David Whiscombe

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1 month ago | taxjournal.com | Benjamin M. Craig |David Whiscombe |Chris Mortimer

HMRC have published their revised guidance on the interpretation of ‘subcontracted’ and ‘subsidised’ R&D. These are two areas that have been hotly debated over the last few years, with HMRC taking a very restrictive view on the circumstances under which an SME is entitled to the relief.

1 month ago | taxjournal.com | George Gillham |Benjamin M. Craig |Helen McGhee |David Whiscombe

Disclaimer: This is a ‘think piece’ and should not be presumed to be a reflection of the author’s personal viewpoint nor that of Fieldfisher. But let’s discuss it! I remember my tutor on the Inland Revenue inspector training course saying that any experienced tax professional could draft you a fairer and better tax system than our current one on the back of a cigarette packet. Perhaps now is the time to propose a radical simplification of personal taxation.