Personal tax

Claim for a capital loss for an irrecoverable loan to a traderIf you made a loan to a business which it cannot repay, the amount remaining outstanding may be treated as a capital loss. HMRC requires conditions to be met before it will accept the loss... Read more

Dividend waiverA dividend waiver is a document produced by a sharelder to show that they have given up (waived) their right to one or more dividends that they would otherwise be entitled to. A waiver can be used in income tax and inheritance tax plan... Read more

Lottery syndicate agreementAre you in a lottery syndicate? Did you know that any winnings (football pools, National Lottery etc.) by the syndicate leader are potentially chargeable to inheritance tax as part of their estate? So what do you need to pu... Read more

CGT rollover relief claim When you've sold an asset that was used in your business, and this results in a capital gain, it's possible to defer or even avoid tax on this by claiming rollover relief. Selling a business assetCapital gains tax (CGT) applie... Read more

Company trading status reportBusiness property relief is available on shares in unquoted companies if certain conditions are met. This means 100% of the market value of those shares will escape inheritance tax. However, HMRC can take this relief away... Read more

Electronic devices policyWhen removing the Home Computer Initiative back in 2006, HMRC accidentally opened the door to charging tax on private use of any electronic device, such as a laptop or tablet, provided to employees by their company. How can y... Read more

Discretionary trust - letter of wishes to accompany a willUsing a letter of wishes can remove uncertainty for those looking after your money and assets after you die. One circumstance where a letter of wishes is espceically helpful is where your will... Read more

Deed of assignment of life policyAs part of your estate planning you might want to transfer a life insurance policy to someone else, say a son or daughter. You can do this by assigning the benefits of the policy to them. Share your estateYou cannot g... Read more

Licence agreement for commercial propertyThere are various reasons why you might not want to offer someone a lease over a property. A licence to occupy land or buildings, unlike a lease, does not convey exlusive right over the property. licence agree... Read more

Salary sacrifice letter to employeeWhere you enter into a salary sacrifice arrangement with an employee it will only be effective for tax and NI purposes where you have notified them of the consequences. Benefit in kind instead of salarySince 6 April... Read more