Tax and Financial Planning

• Repair Obligations Do Not Create IHT Charge

  • Posted4 July 2014

  Yet another attempt by HM Revenue and Customs (HMRC) to persuade the court that a gift of a property from parent to child should be a ‘gift with reservation of...

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• Couple Win Tax Claim Over Property Occupied Rent Free by Mother

  • Posted17 June 2014

  Being able one day to pass on one’s property to one’s children is a common wish for many parents, but the need to have a suitable place to live as...

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• Commencement of Work Not a Disposal of Property

  • Posted4 June 2014

  When the seller of a property allowed the purchaser to start the groundworks for developing it prior to the exchange of contracts for sale, she would not have expected HM...

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• Relying On an Expert Not Enough

  • Posted12 May 2014

  When a couple entered into an artificial tax-saving scheme which subsequently failed, they placed the blame firmly at the door of the Isle of Man tax consultancy that had advised...

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• No Second Bite of the Cherry After Ombudsman’s Decision

  • Posted28 April 2014

  When a couple received negligent advice from a firm of financial advisers, they complained to the Financial Ombudsman Service (FOS). The ombudsman ruled in their favour and ordered that compensation...

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• Case Shows Need For Care in IHT Planning

  • Posted11 April 2014

  When a woman transferred the lease on her Knightsbridge flat into a trust for the benefit of her two sons, the intention was to provide a benefit to them which...

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