Amendments made to the International Tax Compliance Regulations 2025 have resulted in a new mandatory registration requirement for trusts that are defined as “financial institutions” (FI) or “trustee-documented trusts” (TDT) for international tax information exchange purposes, with existing affected trusts
More about Trust compliance update: new HMRC mandatory registration rulesWith the UK facing a fiscal shortfall estimated at between £25 and £30 billion, the government is under pressure to raise revenue through tax rises and spending cuts. Reeves’ reference to “necessary choices” in her unprecedented pre-Budget statement on 4
More about Autumn Budget 2025: speculation mounts over personal tax reformsWhat is “surplus income”? Surplus income is what is left over after deducting an individual’s normal expenditure from their annual after tax income. Normal expenditure is very specific to an individual’s circumstances; ‘normal’ is what is standard and habitual for
More about Unlocking the power of gifts out of surplus incomeThe Autumn Budget 2024 included confirmation that the tax break currently enjoyed by private schools will be removed and value added tax (VAT) will apply to fees from January 2025. Wealth transfer between generations can help fund school fees as
More about School fees and education trustsAs we fast approach the date of the General Election and the possibility of new Downing Street residents, we attempt to cut through the political rhetoric and focus on those areas that may be of most concern to our clients
More about 2024 General Election: All change?The below table summarises the tax policies included within the manifestos of the Conservative Party (published on 11 June 2024) and the Labour Party (published on 13 June 2024). For a more detailed analysis, please see our article “Private Client
More about General Election 2024 tax policy comparison table of the conservative and labour manifestosGENERAL ELECTION – TAX POLICY This week, we have had the publication by the Conservative and Labour parties of their manifestos ahead of the general election on 4 July 2024. In this month’s Private Client Legal Update, we summarise what
More about Private Client Legal Update – June 2024