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PARTNERSHIPS

A.  INTRODUCTION Preparing a written Partnership Agreement which defines the parties, the partnership intention and the assets to be used, can be so helpful to record the agreement and should be an essential part of any rural business planning [see Lord Hoffman in IRC...

CAPITAL GAINS TAX

A.  Introduction 1. Capital Gains Tax is essentially a lifetime tax payable on the increase in value of chargeable assets when they are realised.  Not necessarily sold (see below) under the Taxation of Chargeable Gains Act 1992 (“TCGA” of just “CGT 1992”). 2. The...

THE FAMILY INVESTMENT COMPANY

A. Introduction 1. Since the introduction of the Finance Act 2006 as an alternative or in addition to the (a) Legal Trust Deed or (b) a Self-Invested Pension Scheme, the Family Investment Company has become a popular alternative. 2. There are different names for these...

Foreign Assets?

Since 17th August 2015 the EU Succession Regulations affect all individuals who have assets in the EU. Many European countries dictate how an individual must pass assets on death, as opposed to allowing them to choose their preferred beneficiaries through a Will....

SECTION 106 AGREEMENTS AND THE COUNTRYSIDE

1. Introduction 1. A Section 106 Agreement (in fact usually a Deed) is an agreement between (1) a relevant statutory authority (“PA”) and (2) a landowner (“L”) which on completion makes a development proposal (which would otherwise be turned down by the PA)...

Holiday Homes and Inheritance Tax

Currently every individual has an Inheritance Tax (IHT) allowance of £325,000. In April 2017 an additional Residential Nil Rate Band (RNRB) came into effect to give an additional £175,000 per person by the 2020/21 tax year.  The RNRB is only available on the net value...