HMRC has issued a warning which is of interest to BTL investors and their advisors. HMRC states: ‘HMRC is aware of a tax avoidance scheme being marketed to landlords, which enables them to transfer their property business to a company using a Limited Liability Partnership (LLP), to save Capital Gains Tax. HMRC’s view is that …
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HMRC – interest rates
June 2025 | TaxHMRC’s interest rates on underpaid and overpaid tax and duties are linked to the Bank of England base rate. On 8 May 2025, the BOE base rate was cut by 0.25 percentage points, to 4.25%. HMRC has updated its guidance to include the new rates applying from: 19 May 2025 for the purpose of corporation …
Charities – paying trustees
June 2025 | Wills, probate and administrationPractitioners advising charities and trustees will be interested in new regulatory guidance on paying trustees. The Charity Commission has published what is calls ‘redesigned’ guidance on paying voluntary trustees. Charity trustees, and connected persons, must not be paid by the charity unless it is clearly in the charity’s best interests, the guidance has clarified. It …
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PRs and trustees – no-profit rule
June 2025 | Wills, probate and administrationPractitioners should note an important SC ruling upholding the long-standing no-profit rule, clarifying that it applies strictly to trustees and other fiduciaries who profit from their position. Fiduciaries owe a legal duty to act in good faith, and in the best interests of the beneficiaries when dealing with trust assets. Executors and estate administrators holding …
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Wills – secret trusts
June 2025 | Wills, probate and administrationSecret trusts are uncommon and the law is complex. A secret trust arises when the testator makes a will leaving, on its face, a gift to a beneficiary outright, but where that beneficiary previously agreed with the testator to hold the gift on trust for ultimate beneficiaries. In his will, T left most of his …
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