How to maximise Inheritance Tax relief with hybrid business activity
Written by Tax Partner, Parminder Chattha Inheritance Tax (IHT) is chargeable on the value of an estate when someone dies, although it could also be chargeable on certain lifetime transfers, as well on property held within a relevant property trust. The rate of tax is 40% above a certain exempt amount, and there are various […]
Employment related securities, what is a section 431 election?
Written by Tax Partner, Michaela Lamb Normally, an award of shares to an employee or director would be liable to both income tax and national insurance (NIC) based on the market value of the shares at the time that they are exercised. In the past, to mitigate costly income tax and NIC, an employer might […]
Planning on separating and divorce? Important CGT changes proposed from April 2023
Written by Tax Partner, Michaela Lamb HMRC released a Policy Paper back in July 2022 setting out welcome changes from 6th April 2023 to the CGT rules for married couples and civil partners who are in the process of separating. The proposals set out an extended window in which the marital assets can be shared […]
Spring Budget report 2023
Download report Jeremy Hunt announced his second fiscal statement and first Budget since becoming Chancellor against a backdrop of fragile public finances, an ongoing cost of living crisis, and increased Government borrowing. Ahead of time, we expected the Chancellor’s speech – dubbed the ‘back to work Budget’ by the media – to focus on […]
Jeremy Hunt’s Spring Budget 2023: The four E’s
Jeremy Hunt announced his Spring 2023 Budget today, once again returning to his familiar four pillars of growth: Enterprise, Employment, Education, Everywhere. Below are a few of the announcements in today’s Budget Statement, we will add more in our full budget report tomorrow morning which can be downloaded on our website. Energy Government energy […]
Celebrating International Women’s Day
It’s International Women’s Day – a global day of celebrating the achievements of women everywhere. We’re very proud of the work our teams do, and today wanted to spotlight just a few of the many amazing women here at Gravita. They’ve shared their thoughts, inspirations and insights on being a woman in business. “Surround yourself […]
Controlled Foreign Companies (CFCs) – Requirements for UK Companies
Written by Tax Partner, Thomas Adcock The CFC rules are designed to protect against international groups diverting profits to non-UK jurisdictions. The CFC rules will only apply if the UK company has more than a 25% interest in an overseas company. However, importantly, the CFC legislation includes a number of exemptions which most international […]
Hybrid Mismatch Rules: Requirements for UK companies to consider their cross-border transactions and structure
Written by Tax Partner, Thomas Adcock Put simply, the hybrid mismatch rules (as they are known) are there to make the global tax system fairer. They do this in two ways: By ensuring that where a company within the group gets a deduction for an intra-group payment, that the recipient company is taxed […]
HMRC compliance: More data, more questions
HMRC’s ability to gather and analyse data is extensive, and with every piece of information it acquires, its ability to target compliance activity increases. Input comes from many different sources, national and international – from regulated commercial bodies, like online sales platforms; to government organisations, like the Land Registry. Proposals recently tabled would extend […]
Venture capital tax relief: where are we now?
Venture capital tax relief is all about providing early stage finance to new, higher-risk companies, and rewarding individual investors with generous tax relief for doing so. The venture capital schemes were envisaged as time-limited, and given sunset clauses in the legislation. But the position is now changing. The schemes comprise the Enterprise Investment […]