The election results are in and the Labour party won the country’s mandate to form a new parliament. A recurring topic of discussion and disagreement in the run up to the election was that of tax,
If you are considering a land sale to a property developer, there are several tax considerations as well as prior structure planning involved.
A lot of clients come to me to find out how they can reduce their estate to avoid IHT and there is a simple short answer:
irrevocably give assets away (so that you no longer receive any benefit whatsoever) and survive for 7 years after you have given them away (or the value comes back into your estate).
I am increasingly being questioned by clients on what the likely taxation impact of a new Labour government is if they win the next General Election and whether they should make changes now.
Well let’s look at what has been said, the party has ruled out increasing rates of income tax, NI, corporation tax and VAT stating they have “no plans” for further tax increases and that the party’s plans requires no additional tax to be raised.
Farming and rural businesses often have specialist needs particularly if there is a generational change or sale of the farm.
In practice they are complex businesses and must be properly managed by an experienced accountant who understands their sector. Offering an explanation on the need for planning advice can often be the key to in depth conversations that uncover future taxation issues and help them plan ahead.
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) contains a new groundbreaking measure: ‘the Failure to Prevent Economic Crime” criminal offence which will render large companies liable for fraud committed by their employees where the fraud was committed with the intention of benefitting the organisation or those to whom it provides services.