‘Inheritance tax: Rules on gifts to loved ones should be simplified’.
Your clients will undoubtedly have seen headlines like this, following the July publication of the Office of Tax Simplification (OTS) report on possible reforms to inheritance tax (IHT). The proposals mean that planning to mitigate IHT may need reconsideration. Recent statistics, showing that nearly a quarter of estates liable for IHT have been the subject of HMRC anti-avoidance activity, do little to allay client fears about the UK’s ‘most unpopular’ tax.
This briefing concentrates on some of the key areas highlighted in the OTS report, looking at various areas where opportunity currently exists to pass wealth on to the next generation.
In today’s highly-regulated business climate, it is vital for clients to understand the responsibilities involved in the role of company director.
The basic building blocks of the regime are set out in the Companies Act 2006. These requirements are supplemented by numerous others, from responsibilities over the day to day operation of the company, to the keeping of adequate accounting records, and preparation of annual accounts. Transactions between the company and its directors, such as directors’ remuneration, are also the subject of precise rules.
Contents of the briefing include: