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…

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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…

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The Telegraph: odd jobs, pet breeders and babysitters could face income tax charges

28.06.19 / Insight posted in KS Comments

HMRC’s new regulation regarding taxation of trading activities such as online market places and casual labour could see unsuspecting traders needing to declare income on their tax returns. Traders will need to be aware of their ‘badge of trade’. Tim Stovold, head of tax at Kingston Smith, said: “With HMRC having significant powers to get…

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Tim Stovold quoted in US Tax Notes on OTS recommended simplified tax

06.06.19 / Insight posted in KS Comments

Tim Stovold, head of tax at Kingston Smith, contributed to an article in a US publication, Tax Notes, about the recent OTS’s recommendations on simplifying tax for smaller businesses in the UK. Tax Notes looks at the application of tax policy internationally. “Some of the recommendations would not require legislative amendments — such as the…

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Lynne Rowland warns New Model Adviser of accidental landlord tax

30.05.19 / Insight posted in KS Comments

Private client tax partner, Lynne Rowland, wrote an article in New Model Adviser on tax liability for unplanned property lets. She concludes: “To avoid the pitfalls and financial complications of becoming an accidental landlord, anyone considering selling their home should visit their local estate agent before the taxman comes calling.” To find out more and…

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Avoid losing your French property by creating a Will, warns Kingston Smith

21.05.19 / Insight posted in KS Comments

Lynne Rowland, private client tax partner at Kingston Smith LLP, highlights the difference between French and English inheritance tax. “Many English owners of French properties do not realise that if they were to die owning property in France, French law could dictate who inherits it – irrespective of the wishes of the deceased,” says Lynne.…

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Guy Sterling quoted in economia on influencers’ income

21.05.19 / Insight posted in KS Comments

Guy Sterling, tax partner at Kingston Smith, was quoted in an article in economia about HMRC tightening up on income earned from social media activities. “Young people who have found ways, or more likely have been shown ways, to monetise their role as influencers on Instagram or entertainers on YouTube should be wary of the…

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The Times: Richer Sounds employees reap the benefits of ownership trust, says Mark Fielden

15.05.19 / Insight posted in KS Comments

Julian Richer, owner of Richer Sounds, will pass control of his company to staff in an employee ownership trust. Richer has previously argued that a happy workforce leads to a more successful business and the £3.5 million he is giving to staff from his shares echoes this philosophy. Tax partner at Kingston Smith, Mark Fielden,…

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Kingston Smith says HMRC is the winner as record number draw-down from their pension pots

30.04.19 / Insight posted in KS Comments

Following the introduction of the pension freedom rules in April 2015, figures released yesterday* show a big jump in people raiding their pensions during 2018/19. “A total of 539,000 people drew money from their pension in excess of their tax-free entitlement – a 44% increase from the previous year,” says Tim Stovold, head of tax…

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Citywire: Thorough planning can enhance tax relief, advises Lynne Rowland

30.04.19 / Insight posted in KS Comments

Private client tax partner, Lynne Rowland, outlines how comprehensive planning can improve tax benefits when donating to charitable causes. Various factors apply to qualify such donations for tax relief, including a gift aid declaration made from the donor. The definition of a gift also needs to be taken into consideration when planning. Such a gift…

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