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01566 772375

tax

Ill-health pension transfer not liable for IHT

A landmark case in the Supreme Court has ruled that a pension transfer made in ill health was not liable for inheritance tax. In the recent case of Commissioners for Her Majesty’s Revenue and Customs v Parry & Ors (also known as the Staveley case) it was found that HMRC should not charge IHT on

Redeveloping an empty pub for commercial use

Pubs are closing all too often nowadays and while this is a sad sight, it means there may be opportunities to find a new use for one as a commercial development project.  If an empty pub is well-located, it could make an ideal setting for a new business, such as a care home, convenience store,

Tax Planning for your inheritance

It’s a tricky but important topic. Have you given the tax implications for your inheritance enough attention? Deborah Adams, Director of Private Client Services at Parnalls Solicitors, explains what you need to think about when planning for your inheritance if you wish to minimise your tax bill (and we assume you do!). Inheritance tax: what

Farmers plan to diversify after Brexit

Research published recently by NFU Mutual reveals that that one in five farmers plan to diversify into other enterprises to support their farm business after Brexit, says a new report published by the The National Farmers Union (NFU).  View the full Business Cornwall Magazine article here  The NFU Diversification Report looks at the latest trends, insights and analysis

Ministers press ahead with probate fee shake-up – reports BBC News

A recent BBC news article reports that costs to bereaved families for the settlement of the estates of deceased relatives could increase as a result of Government plans to move forward on the introduction of a sliding scale of fees linked to an estate’s value. At present, most people pay a flat fee of £155

HMRC Challenging Stamp Duty Land Tax Payments

The Times has reported that HMRC has been writing to purchasers of property and informing them that they owe extra SDLT as a result of alleged incorrect calculation of SDLT liability based on the non-residential tax rate as opposed to the residential tax rate. The general rule is that residential SDLT rates will apply if

How overage agreements can boost profits from your land

How overage agreements can boost profits from your land Does your business own land that is ripe for development? If so, how do you get the best value from a potential developer? The price they pay will take into account the time and money they expect to put in, but you will also want it