Specialist Tax Regulatory Materials
In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as 鈥榮pouses鈥�).
Foreign exchange issuesOverview of foreign exchange provisionsForeign exchange (FX) movements are generally taxed following the rules applicable to the underlying income, expenditure, asset or liability on which they arise, broadly as follows:Capital assetsOn a realisation basis (ie on disposal)
Holding companies 鈥� VAT status of activitiesThis guidance note examines how to determine the VAT status of a holding company鈥檚 activities. In particular, it looks at:鈥hen a holding company is or is not in business鈥f a holding company is in business, whether its activities are exempt or taxableThe
