The Autumn Budget has certainly triggered a lot of questions and concerns from our clients. Particularly from farmers whose estates may now be subject to Inheritance Tax when they die, whereas previously there were good tax reliefs to protect their estates. If you are a farmer and are concerned about how this might affect you...

Partner Andrew Wayness provides the answers in this month’s Q&A. Is a charity’s loss-making event exempt from VAT? Q. We are a charity that is registered for VAT. We recently held a fundraising event, treating the income as being exempt from VAT, but the event made a loss. Should we treat the income as standard-rated...

New rules were introduced on 6 October 2020, that requires more UK trusts and some non-UK trusts to be registered on the TRS, regardless of whether the trust has any tax to pay, by 1st September 2022 but with some specific exclusions. Registration requirements The main categories of trusts caught by the new requirements include:...

From Trust and Estate Practitioner Brona MacDougall I have had a lot of interest recently from clients and potential clients who are looking to wind up trusts of which they are beneficiaries. But what are the legal and tax implications of doing so?  In some cases, these trusts were set up on death by parents...