Increased CGT for owners of second properties

12.07.19 / Insight posted in Articles

Finance Bill 2019-20 was published on 11 July 2019. Despite robust debate and lively responses to the consultation document “Capital Gains Tax: Private Residence Relief: changes to the ancillary reliefs” (PRR), there is likely to be disappointment that some of the proposals will be enacted from 6 April 2020. This creates a “cliff edge” for…


Small is good but the Finance Bill doesn’t make it easy

12.07.19 / Insight posted in

In what we have seen so far of the Finance Bill, further detail has been given on the off-payroll working rules in the private sector, due to come into force on 6 April 2020. These rules will result in private sector organisations, other than those qualifying as small, having to consider whether to deduct tax…


Corporate capital loss restriction (CCLR)

11.07.19 / Insight posted in Articles

The government’s intention to restrict companies’ use of carried-forward capital losses to 50% of capital gains for accounting periods starting on or after 1 April 2020 was first announced at Budget 2018. It subsequently published a consultation paper on Budget day and the consultation period closed on 25 January 2019. Responses to the consultation and draft legislation to…


Financial Times: risks if changes to lifetime tax gifts occur, warns Lynne Rowland

11.07.19 / Insight posted in KS Comments

The Office of Tax Simplification (OTS) has recently recommended a reform of inheritance tax (IHT) to mixed responses. Alongside the suggested shortening of the “seven-year rule” to five, the OTS has advised changes to gifting allowances, due to the ambiguous rules surrounding them. There are both benefits and drawbacks to this advised change, especially regarding…


From boon to bust: The tax rules on property are changing

11.07.19 / Insight posted in Articles

Inexperienced landlords and second home owners are largely unaware of the significant tax reforms coming into action next year, and will need guidance through sales and lettings. HM Revenue & Customs’ (HMRC) capital gains tax (CGT) communications research report reveals how woefully unaware taxpayers are of significant changes to CGT rules on the disposal of…


Kingston Smith & Partners appointed administrators of global CAM agent in film industry

10.07.19 / Insight posted in

On 5 July 2019, Brian Baker and Ryan Davies, partners at Kingston Smith & Partners, were appointed joint administrators of UK company MM Cam Ltd – a collection account management (CAM) agent. MM CAM collects worldwide revenues from film distributors and manages, allocates and distributes revenues to all stakeholders in a film such as the…


Kingston Smith 60 Second Property Poll – the results

10.07.19 / Insight posted in Articles

Thanks very much to all our clients and contacts who responded to our most recent property poll. Please feel free to contact us if you have any questions or queries regarding the results.


FT interview: Lynne Rowland provided in-depth insight to Emma Agyemang at the Financial Times on the OTS’ IHT review

09.07.19 / Insight posted in KS Comments

The chancellor requested an independent review on inheritance tax (IHT) that suggested the “seven-year rule” of transferring assets be reduced to five. This suggestion was published by the Office of Tax Simplification, who deduced that the proposal could cause IHT to be more easily dealt with in the future. Tax partner, Lynne Rowland, observes that…


Kingston Smith acclaimed for its training programme

05.07.19 / Insight posted in KS News

Kingston Smith is thrilled to have been named as a finalist in the British Accountancy Awards for 2019 in the ‘graduate and non-graduate programme of the year’ category. This award recognises excellence in developing a business-led training programme by demonstrating the use of ‘21st century’ learning options and innovative ways to attract, retain and develop…


Kingston Smith Senior Jason Bowes shortlisted for British Accountancy Award

05.07.19 / Insight posted in

Kingston Smith is delighted to have Senior Jason Bowes shortlisted in the British Accountancy Awards for 2019 for the ‘rising star of the year’ category, sponsored by ACCA. This award recognises outstanding talent among part qualified and newly qualified accountants and finance professionals of no more than three years’ experience post qualification. Those shortlisted will…