TQOTW: BARE TRUST

TQOTW: BARE TRUST

I am looking at gifting my child a sum of money. What are the income tax consequences if I use a bare trust to do so? There is no definition of a bare trust in the income tax legislation. Put simply, a bare trust is one where the beneficiary has the absolute right to...
Tax Question Of The Week: LOAN CHARGE REPORTING

Tax Question Of The Week: LOAN CHARGE REPORTING

Q: My client has arranged for their company to process the ‘loan charge’ in relation to all of their outstanding loans from an EFRBS scheme, as well as paid the company the tax and employee NIC (to avoid the benefit in kind). Does this mean everything is resolved now,...
Tax Question Of The Week: PROFESSIONAL FEES

Tax Question Of The Week: PROFESSIONAL FEES

My clients have inquired about the possibility of claiming relief for expenses incurred in connection with closing down their company. In particular, they would like to know whether they could get tax relief for professional advice that they have taken and whether...

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