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Nov 21, 2024 | 
accountingweb.co.uk | James Quarmby
I’m not much interested in the political colour of a government, but I am interested in what it does in office. I’ve seen good tax policy from Labour chancellors and poor policy from Conservative ones (and vice versa). I will judge by results, not by the rosette worn by the Chancellor. I wanted to give our new government the benefit of the doubt, comforted by public assurances that Labour would be “pro-business and pro-growth”.
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Sep 13, 2024 | 
accountingweb.co.uk | James Quarmby
This case concerned a married couple, Samuel Marks (“SM”) and Hilda Marks ("HM”) – SM died on 8 April 2014 and HM on 1 October 2015.
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Aug 13, 2024 | 
accountingweb.co.uk | James Quarmby
Labour was elected with a popular mandate for change but during its campaign ruled out a new wealth tax or mansion tax. However, it was silent on the two existing wealth taxes: inheritance tax (IHT) and capital gains tax (CGT). Both these taxes are spectacularly inefficient, with the former affecting fewer than 4% of estates and raising a mere 0.7% of the UK’s tax revenues.
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Aug 12, 2024 | 
taxjournal.com | Andrew Marr |Jack Prytherch |Peter Vaines |James Quarmby
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Aug 1, 2024 | 
taxjournal.com | Andrew Marr |Jack Prytherch |Peter Vaines |James Quarmby
Carried interestKey questions are:Question 1: How can the tax treatment of carried interest most appropriately reflect its economic characteristics? The government notes that there are a range of circumstances in which carried interest is received and that the characteristics of the reward will not be the same in all cases. Question 2: What are the different structures and market practices with respect to carried interest?
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Aug 1, 2024 | 
taxjournal.com | Andrew Marr |Jack Prytherch |Peter Vaines |James Quarmby
HMRC have published their annual report for 2023/24 which states that the total tax revenues for that year were £843.4bn, the highest on record (and a 3.6% increase on those for 2022/23). The increase is said to reflect the freezing of income tax bands and thresholds, and an increase in the rate of corporation tax. The amount of money collected by HMRC from its compliance activities rose to £42.8bn in 2023/24, which as accountancy firm BDO noted is a 23% rise on the previous year.
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Aug 1, 2024 | 
taxjournal.com | Andrew Marr |Jack Prytherch |Peter Vaines |James Quarmby
Click on the links below to view author profiles:Colin Askew, Matt Cummings and Alisha Kouser - Divide and conquer: the partition demerger storyHelen Buchanan, Matthew Everett and Gabrielle Van der Haegen - Beneficial ownership: practical applicationsThomas Chacko - Misunderstanding purpose in Osmond and AllenAdam Craggs and Harry Smith - Contentious tax quarterly: Summer 2024Richard Dalton and Michael Ridsdale – ‘Golden bricks’: when does construction really begin for VAT purposes?
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Jul 31, 2024 | 
taxjournal.com | Andrew Marr |Jack Prytherch |Peter Vaines |James Quarmby
In CCLA Investment Management Ltd v HMRC [2024] UKFTT 636 (TC) (15 July) the First-tier Tribunal (FTT) held that fund management services supplied by an investment manager to six Charities Official Investment Funds (COIFs) were exempt from July 2014 onwards. However services provided to two other categories of fund failed to qualify for exemption. CCLA provided fund management services to investment funds whose investors were charities Church of England entities and local authorities.
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Jul 30, 2024 | 
taxjournal.com | Andrew Marr |Jack Prytherch |Peter Vaines |James Quarmby
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Jul 30, 2024 | 
taxjournal.com | Andrew Marr |Jack Prytherch |Peter Vaines |James Quarmby
The Horizon Convictions Redress Scheme and Horizon Shortfall Scheme Fixed Sum Award (Tax Exemptions and Relief) Regulations, SI 2024/818, exempt two new compensation payments from income tax, CGT and corporation tax, and provide relief from IHT. The relevant payments are the Horizon Convictions Redress Scheme payments, and Horizon Shortfall Scheme Fixed Sum Award (HSS Fixed Sum Award) payments.
