There has been much discussion over recent months about the advantages and disadvantages of freeports and the Chancellor’s Spring Budget which announced the creation of eight freeports in the UK has only increased such speculation. Tax reliefs, enhanced trade and infrastructure development vie with claims of money laundering and tax evasion. In this article, we consider the pros and cons of freeports and what the proposed tax reliefs actually comprise.
Forsters is uniquely placed to advise clients on the acquisition and disposal of trust companies both inside and outside the UK.
Gifts in lieu of tax are not just for the owners of the country’s great houses and can include a wide range of other collectibles. Guy Abrahams and Rebecca Meade explain how the arrangement works and the benefits it can offer.
Since the onset of the COVID pandemic, many businesses have been considering their space requirements. In some cases, tenants will have leases that include break clauses which will let them terminate their leases before the contractual expiry date.
UK directors could be held liable for ensuring the accuracy of company financial statements, with directors of large businesses facing fines and even bans from board positions if they fail to do so, under plans being considered by the Department for Business, Energy and Industrial Strategy (“BEIS”).
Making a Will is a vital part of any estate planning exercise. Sharing wealth with family and other loved ones in the most tax efficient way possible, is a priority for most people. Their aim is to provide for partners and ensure that children are supported financially to achieve their goals, whether those include buying a property, or starting a family or business.
Dealing with the death of a family member or close friend is always difficult for those involved; the last thing anyone wants to deal with when grieving is navigating complicated tax and legal procedures. It is no wonder that the probate process can appear a daunting prospect to the personal representatives or 'PRs' (the people entitled to deal with a deceased person's estate, who are also known as 'executors' when they are appointed in a Will). We provide a helpful guide to the probate process, which can be broken down into five key steps.
On 11 November 2020, the National Security and Investment Bill (the “Bill”) was put before Parliament. But, what transactions will be affected and how will the scrutiny work in practise? It's worthwhile being aware of the Bill’s main points.
Governments recognise that encouraging people to start businesses and employ others is important for the economy, and that any charge to tax on disposal should be mitigated to recognise the years of work involved in building a business, and the financial risk that people take in doing so.
In the past, if people wanted to pass wealth to their children (often prompted by the prospect of ultimately paying inheritance tax if they did not) they would use trusts, because then they could keep the assets under their control.
