‘Bank of Mum and Dad’ feels the squeeze

The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of £21,600, those receiving assistance this year can expect an average contribution of £18,000. This equates… Read more…

Gifts out of income and their benefits to beneficiaries

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts work in practice? Gifts provided from surplus income – i.e. income less usual expenditure to… Read more…

270,000 late penalty notices cancelled by the Revenue

A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014. The request was made by a partner in a ‘magic circle’ law firm, who was… Read more…

OTS calls for overhaul of ‘complex’ tax charges and reliefs

An overhaul of “the complex patchwork” of tax charges and reliefs affecting businesses throughout various stages of the business lifecycle is urgently required in order to stimulate growth among small and medium-sized enterprises (SMEs), the Office of Tax Simplification (OTS) has said. In a report published midway through April, the OTS looked closely at business… Read more…