Welcome to the May 2014 edition of the Stone King Personal Business Brief. This monthly e-newsletter reminds busy people and their advisers about legal, tax and financial issues which they may have overlooked, or problems on their "to-do" list which they have not yet tackled.
This edition focuses on: • H M Revenue & Customs (‘HMRC’) takes direct action to seize funds from bank accounts • Business Property Relief (’BPR’), a complete exemption from inheritance tax but at what cost to the day to day running of your business? • HMRC toughens up; the campaign against undisclosed second incomes • Pension plans set awry by faulty paperwork
H M Revenue & Customs (‘HMRC’) takes direct action to seize funds from bank accounts HMRC has published details of its proposed new power to seize funds from the bank accounts of individuals and businesses without a court order and without a specific right of appeal. Read more
Business Property Relief (’BPR’), a complete exemption from inheritance tax but at what cost to the day to day running of your business? The recent case of Trustees of David Zetland Settlement v HMRC highlights the need to fulfill all criteria, that the business structure has to be considered in the round including the operation of its key services. Read more
HMRC toughens up; the campaign against undisclosed second incomes HMRC has announced a “Second Incomes Campaign”, the latest in a series of opportunities for non-compliant taxpayers to provide details of undisclosed income and reach a settlement in respect of tax, interest and penalties on reasonable terms. Once the campaign closes, on a date yet to be specified, HMRC will use the information in its possession to identify and tackle those who it believes have assets to disclose but who have failed to take advantage of the opportunity offered. Read more
Pension plans set awry by faulty paperwork The High Court has refused to uphold the validity of a series of changes to a final salary pension scheme following the discovery that deeds of amendment dating back more than 20 years had been defectively executed. Read more
Is your driving licence at risk? Call our Road Traffic Team on 01225 324438 for urgent free advice or click here to email Celia Strathdee. Landlord and tenant dispute? Call our Housing Team on 01225 324403 or click here to email Geraldine Winkler for specialist advice. Worried about family or matrimonial matters? Contact John Brownrigg for a confidential discussion on 01225 324441 or click here to email John. In a hurry to buy or sell residential or agricultural property? For a free discussion contact Ken Turpin on 01225 326791 or Robin Boyd on 01225 326750, or click here to email Ken, or click here to email Robin.
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Published on May 13, 2014