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Jun 27, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
Shadow Chancellor Rachel Reeves has said that Labour will not impose VAT on private school fees retrospectively if it wins the general election. Speaking at The Times CEO Summit, Reeves said: ‘We’re not going to have a retrospective tax. I don’t think that would be the right thing to do. So these changes would be in our first Budget [not before September], but they would come in after that, not retrospectively.’
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Jun 26, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
Home >Articles > CIOT responds to Money Laundering Regulations consultation CIOT responds to Money Laundering Regulations consultation © Copyright LexisNexis 2024. All rights reserved.
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Jun 26, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
A common question for families who have children at private school (or who are considering this option) is whether it is possible to share the costs of school fees tax-efficiently across the generations. The answer to this is yes, particularly for grandparents, who have a number of inheritance tax options available to them, if they would like to assist with fee payment.
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Jun 26, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
As reported earlier this year (Tax Journal, 3 May 2024), some voluntary payments of Class 2 NICs were credited to individual NICs records late, resulting in those individuals being treated as though their contributions had been paid late and therefore not accepted. In some cases, HMRC had rejected and refunded the payments. The professional bodies had urged HMRC to find a solution to the problem which would not require individuals to call HMRC helplines.
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Jun 26, 2024 | 
taxjournal.com | Tim Sarson |Paul Johnson |Dan Neidle |Helen Miller
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Jun 26, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
The latest YouGov election poll is predicting that we are likely to have a Labour government on 4 July and this brings uncertainty for the private equity (PE) industry, specifically around the carried interest regime. Historically, it seemed to be a forgone conclusion that the carried interest ‘loophole’ would be closed should Labour take control of Parliament.
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Jun 26, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
Tolley (publisher of Tax Journal) has published a new report How generative AI is transforming tax practice revealing that 66% of the 446 UK tax professionals surveyed are either already using or plan to use AI for work purposes. Key to the take up of generative-AI tax solutions is trustworthiness, with 79% of respondents having some level of concern around ‘hallucinations’ and ‘lack of trust’ in publicly available, free-to-use generative-AI platforms.
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Jun 26, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
If income tax relief is available on a subscription for shares under the Enterprise Investment Scheme (EIS), claim it. Even if you don’t need it: even if it doesn’t actually reduce the amount of income tax you pay. Why? Because if you haven’t been given EIS income tax relief on the subscription, you don’t get EIS capital gains tax relief on any gain on a subsequent sale. That was established in 2015 by Ames [2018] UKUT 190 (TCC).
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Jun 26, 2024 | 
taxjournal.com | David Whiscombe |Paul Johnson |Dan Neidle |Helen Miller
Home >Articles > High net worths intend to vote Labour
High net worths intend to vote Labour
26 June 2024
27% of high net worth individuals say they would vote Labour in the general election, according to recent research from Saltus, the UK wealth management firm. Even parents who say they will have to take their children out of private school if Labour add VAT to fees, 23% would still vote Labour.
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Jun 26, 2024 | 
taxjournal.com | Sophie Rhind |Paul Johnson |Dan Neidle |Helen Miller
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