Top
| Key changes | |
| Preface | |
| Contributors | |
| Abbreviations | |
| Introduction: Principles of Tax Planning and How to Use This Book | |
| Introduction | |
| What's new for 2009/2010? | |
| General strategy | |
| Planning points if you are employed | |
| If you are thinking of becoming self-employed | |
| If you are already in business | |
| Investments and capital gains tax | |
| Business tax and finance | |
| Managing your investments and your family's financial affairs | |
| Tax issues if you are non-resident or have a foreign domicile | |
| Ensure that all important deadlines are kept | |
| Self-Assessment | |
| Self-Assessment | |
| Self-assessment (SA) | |
| New features of the 2009 SA form | |
| Online filing of SA tax returns | |
| Short tax return 2009 | |
| Ten golden rules for dealing with your 2009 tax return | |
| Common errors | |
| Providing additional information | |
| Finding your way around the SA form | |
| HMRC & You | |
| Understanding your responsibilities and rights | |
| The tax return process | |
| Revenue enquiries into tax returns | |
| What penalties can the Revenue impose? | |
| Remission of tax by the Revenue | |
| Error or mistake relief | |
| Codes of practice | |
| Revenue information and advice | |
| Statements of practice and extra-statutory concessions | |
| Complaints and compensation | |
| Revenue Adjudicator | |
| Employment | |
| Basis of assessment | |
| How tax is collected | |
| Allowable expenses | |
| Benefits-in-kind in general | |
| Company cars | |
| Free use of assets | |
| Beneficial loans | |
| Living accommodation | |
| Miscellaneous benefits | |
| Share incentives | |
| Options to acquire gilts | |
| Options to acquire other company assets | |
| Golden hellos | |
| Restrictive covenants | |
| Redundancy payments | |
| Golden handshakes, other termination payments and continuing benefits | |
| Designing a 'tax efficient' remuneration package | |
| Share Incentives | |
| Gifts of shares | |
| Profit-sharing schemes | |
| Non-approved share options | |
| Approved share option schemes | |
| Enterprise Management Incentives (EMI) | |
| Special shares, etc | |
| The employer's perspective | |
| Some tax planning ideas | |
| Self-Employment | |
| How self-employed individuals pay tax | |
| Are you really self-employed? | |
| Basis of assessment | |
| Partnerships | |
| Limited liability partnerships (LLPs) | |
| Partnerships controlled outside the UK | |
| Relief for trading losses | |
| Income From UK Property | |
| Basis of assessment and administration | |
| How to calculate your taxable profit | |
| Lump sums deemed to be rent (premiums) | |
| 'Rent-a-room' relief | |
| Furnished holiday accommodation | |
| 'Buy to let' investments | |
| Capital allowances on investment properties | |
| Mineral royalties | |
| Woodlands | |
| Pros and cons of having a property investment company | |
| VAT considerations | |
| Interest earned on trust funds for service charges and sinking funds | |
| Savings Income | |
| Bank and building society interest | |
| Other interest income | |
| Loans to individuals and other private loans | |
| Gilts and loan stocks | |
| Rate of tax deducted at source | |
| Accrued income scheme | |
| Deeply discounted securities | |
| Dividends | |
| Sundry receipts treated as dividends | |
| Foreign interest and dividends | |
| Tax treatment of exchange-traded funds | |
| Foreign Real Estate Income | |
| Alimony and maintenance payments | |
| Investment in overseas partnerships | |
| Double tax relief | |
| Foreign pensions | |
| Sale of certificates of deposit | |
| Gains from roll-up, and other offshore, funds | |
| Miscellaneous income | |
| Taxation of commission, cashbacks and discounts | |
| Annuities, trust income, etc | |
| Allowable Deductions | |
| Alimony and maintenance | |
| Loans used to purchase an annuity from an insurance company | |
| Loans to purchase investment property | |
| Loans to invest in partnerships | |
| Loans to invest in close companies | |
| Loans to invest in employee-controlled companies | |
| Loans to purchase plant and machinery | |
| Alternative finance 'products' | |
| Gift Aid | |
| Gift of listed shares and securities | |
| Gift of land and buildings | |
| Annuities, etc | |
| Trade union and friendly society subscriptions | |
| Life assurance premiums | |
| Community Investment Tax Credit (CITC) | |
| Allowances and Tax Credits | |
| Personal allowances | |
| The basic personal allowance | |
| Married couple's allowance | |
| Pensioner couples | |
| Allowances recently abolished | |
| Blind persons | |
| Time limits | |
| Tax credits from 6 April 2003 | |
| Capital Gains Tax | |
| Outline of CGT | |
| CGT and the self-assessment form | |
| Who is subject to CGT? | |
| What assets are chargeable assets? | |
| Which types of transaction may produce a chargeable gain? | |
| Hold-over relief where a gift is a chargeable transfer for IHT purposes | |
| Amount to be brought in as disposal value | |
| What costs are allowable? | |
| Assets held at 31 March 1982 and 6 April 1965 | |
| Other acquisition values | |
| Taper relief | |
| Indexation | |
| Working out your capital gain | |
| Assets that have attracted capital allowances | |
| How gains are computed on quoted securities | |
| Unquoted shares | |
| When may a chargeable gain arise on foreign currency? | |
| Special rules for disposals of chattels | |
| Specific rules that apply to disposals of land and investment properties | |
| Disposal of foreign property | |
| Gains and losses on second-hand insurance policies | |
| Your Main Residence | |
| Main residence exemption | |
| Possible restrictions on exemption | |
| Living in job-related accommodation | |
| Treatment where property not occupied throughout ownership period | |
| Passing on the family home - CGT considerations | |
| Anti-avoidance provisions | |
| Stamp duty | |
| The Tax Calculation | |
| Some points to look out for | |
| Business Tax and Finance | |
| Computation of Business Profits and Capital Allowances | |
| Computation of trading profits | |
| Capital allowances | |
| Pre-trading expenditure | |
| Post-cessation receipts | |
| Post-cessation expenses | |
| Capital Gains Tax and Business Transactions | |
| Loans to private businesses | |
| Losses on unquoted shares | |
| Relief for replacement of business assets | |
| Hold-over relief for gifts of business property | |
| Partnerships and capital gains | |
| Transfer of a business to a company | |
| Business taper relief | |
| Entrepreneurs relief | |
| Earn-outs | |
| Sales of shares to all-employee share trusts | |
| Tax and Companies | |
| Who pays corporation tax? | |
| Self-assessment | |
| How 'profits' are defined | |
| Accounting periods, rates and payment of tax | |
| Loan relationships | |
| Intangible assets | |
| Companies' capital gains | |
| Dividends | |
| Losses | |
| Double taxation relief on foreign income | |
| Groups of companies | |
| Investment companies | |
| Close companies | |
| Real Estate Investment Trusts (REITs) | |
| Corporate venturing | |
| Research and Development (R&D) tax credits | |
| ECA tax credits | |
| Transfer pricing rules | |
| Claims, elections and penalties | |
| Financing Your Business | |
| Financing through own resources | |
| Financing through personal borrowing | |
| Issuing additional shares (with and without tax incentives) | |
| Borrowing through the business | |
| Financing assets | |
| Cash flow management | |
| Should You Operate Through a Company? | |
| Possible disadvantages | |
| Capital gains tbusiness to a company or LLP | |
| &nHMRC | |
| Employers | |
| Contractors | |
| IR35 | |
| Managed Service Companies (MSCs) | |
| Non-resident landlord scheme | |
| Non-resident sportsmen and entertainers | |
| Other payments to non-UK resident persons | |
| Outline of Vat | |
| Introduction | |
| Legal authorities | |
| Liability to VAT | |
| Practical implications | |
| Anti-avoidance measures | |
| Special schemes | |
| Control and enforcement procedures | |
| Fraud | |
| Appeals | |
| National Insurance Contributions | |
| Class 1 contributions | |
| Class 2 contributions | |
| Class 3 contributions | |
| Class 4 contributions | |
| Wealth Planning | |
| Wealth Planning by Managing Your Financial Affairs | |
| Your family and personal financial planning | |
| Managing your investments | |
| Tax deductible investments | |
| Some special situations | |
| Planning for retirement | |
| Helping the next generation | |
| Estate planning | |
| Tax Efficient Investment | |
| Investments providing tax exempt return | |
| Individual savings accounts (ISAs) | |
| Personal equity plans (PEPs) | |
| National Savings investments | |
| Friendly society investments | |
| Investments qualifying for tax deduction | |
| Enterprise investment scheme (EIS) | |
| Venture capital trusts (VCTs) | |
| Enterprise zone trusts | |
| Investment in film partnerships | |
| Pensions | |
| Registered pension schemes | |
| New regime that came into force on 'A'Day | |
| Retirement benefits under the new regime | |
| Pension scheme investments under the new regime | |
| Tax relief for contributions | |
| Other retirement benefit schemes | |
| Unapproved schemes State benefits | |
| State pension benefits | |
| Contracting out | |
| Investing In Real Estate | |
| 'Buy to let' investments | |
| Private investment companies | |
| Limited liability partnerships (LLPs) | |
| Investing surplus funds within a trading company | |
| Buying overseas property | |
| Quoted property companies | |
| Property funds offered by insurance companies | |
| Pension funds | |
| Life Assurance | |
| Introduction | |
| Qualifying and non-qualifying policies | |
| Taxation of life policy proceeds | |
| Offshore life policies | |
| Annuities | |
| Permanent health insurance (PHI) | |
| Pre-owned assets charge | |
| Life policies effected by companies | |
| Life policies in trust affected by FA 2006 IHT changes | |
| Discounted gift schemes | |
| Capital Gains Tax Planning | |
| Make use of annual exemptions for both spouses/civil partners | |
| Realise gains to avoid wasting the annual exemption | |
| Make sure you get relief for capital losses | |
| Save tax by making gifts to relatives | |
| Claim roll-over relief on furnished holiday accommodation | |
| Make the most of entrepreneur's relief | |
| Selling the family company | |
| Inheritance Tax And Individuals | |
| Who is subject to IHT? | |
| When may a charge arise? | |
| Transfers of value | |
| Certain gifts are not transfers of value | |
| Exempt transfers | |
| Potentially exempt transfers | |
| Reservation of benefit | |
| Business property | |
| Agricultural property and woodlands | |
| Computation of tax payable on lifetime transfers | |
| Tax payable on death | |
| Life assurance and pension policies | |
| Heritage property | |
| Planning: the first step | |
| The Taxation of Trusts | |
| When are trustees liable to pay income tax? | |
| When are trustees liable for UK capnbsp Bare trusts | |
| Fixed-interest trusts | |
| Discretionary trusts | |
| Accumulation and maintenance trusts | |
| Trusts for the disabled | |
| Protective trusts | |
| Trusts for the most vulnerable | |
| Charitable trusts | |
| Miscellaneous aspects | |
| Executors and personal representatives | |
| Some planning points | |
| Passing On Your Family Business | |
| Basic strategy | |
| Setting up children in business | |
| Bringing a child into partnership | |
| Bringing a child into the family company | |
| Outright gifts of shares | |
| Why trusts are still often a suitable vehicle | |
| Demergers | |
| Anti-Avoidance Legislation | |
| Anti-Avoidance | |
| Income tax | |
| Interest income | |
| Transactions in land | |
| Transactions in securities | |
| Transfer of assets overseas | |
| Trust income taxed on the settler | |
| Transactions involving loans or credit | |
| Pre-owned assets | |
| Capital gains tax | |
| Bed and breakfast transactions | |
| Disposals by a series of transactions | |
| Transfers to a connected person | |
| Qualifying corporate bonds (QCBs) | |
| Value shifting | |
| Trusts and main residence exemption | |
| UK-resident settlements where settler has retained an interest | |
| Deemed disposal when a trust ceases to be resident | |
| Offshore companies | |
| Non-resident trusts | |
| Inheritance tax | |
| Purchased interests in excluded property settlements | |
| Ramsay principle | |
| Registration of tax schemes | |
| Specific income tax avoidance schemes that have been blocked | |
| Residence, Domicile and International Matters | |
| Residence Status | |
| Consequences of residence in the UK | |
| Various criteria for determining residence status | |
| Individuals who are resident but not ordinarily resident | |
| Basis on which individuals are regarded as ordinarily resident | |
| Ceasing to be resident in the UK | |
| UK income and capital gains received by non-residents | |
| Non-resident investment companies | |
| When tax should be withheld from payments to non-residents | |
| The Income and Capital Gains of Foreign Domiciliaries | |
| Meaning of 'domicile' | |
| ú30,000 special charge for some remittance basis users from 2009-9 | |
| What constitutes a remittance? Earned income | |
| Foreign emoluments | |
| Travelling expenses | |
| Subsistence allowances for employees seconded to the UK | |
| 'Corresponding payments' | |
| Overseas pension funds | |
| Self-employment | |
| Partnerships controlled outside the UK | |
| Pension benefits | |
| Investment income | |
| The remittance basis for investment income | |
| Position if foreign domiciliary acquires UK domicile | |
| Managing the remittance basis | |
| Capital gains tax | |
| Remittance basis for capital gains on foreign assets | |
| Use of offshore companies and trusts | |
| Inheritance tax | |
| UK and foreign situs property | |
| Being Subject to Two Tax Regimes | |
| General principles | |
| Working abroad | |
| US citizens living in the UK | |
| UK nationals with second home overseas | |
| Exchange of information | |
| Some Special Types of Taxpayer | |
| Specific occupations and trades | |
| Authors | |
| Barristers and advocates | |
| Doctors | |
| Dentists | |
| Farmers | |
| Independent financial advisers (IFAs) and insurance agents | |
| Lloyd's underwriters ('Names') | |
| Ministers of religion | |
| Members of parliament | |
| Sub-postmasters | |
| University lecturers | |
| Venture capitalists and participants in MBOs | |
| Seafarers | |
| Entertainers | |
| Business economic notes | |
| Specific rules for certain types of individuals | |
| Crown servants working overseas | |
| Irish nationals living in the UK | |
| Harities and Not for Profit Organisations | |
| Charities | |
| Community amateur sports clubs | |
| Mutual associations | |
| Holiday clubs and thrift funds | |
| Investment clubs | |
| Stamp Duties | |
| Stamp duty reserve tax (SDRT) | |
| Stamp duty land tax (SDLT) | |
| Social Security Benefits | |
| Taxable benefits | |
| Non-taxable benefits | |
| Tax credits | |
| Tax Tables | |
| Glossary | |
| Index | |
| Table of Contents provided by Publisher. All Rights Reserved. |
