A family investment company (FIC) is a bespoke vehicle that can enable parents to pass wealth to the next generation while retaining a measure of control over the family assets.

Given the broad expanse of the criminal legislation, international investment management businesses including hedge funds, private equity and infrastructure, real estate and traditional securities funds are all within its purview. Directors and senior staff must take evasive action to avoid criminal liability.

Back in 2020 HMRC issued a Revenue & Customs Brief which set out HMRC’s view that, as a result of certain European Court cases certain payments which had previously been regarded as being outside the scope of VAT on the basis that they were payments of compensation or liquidated damages were, in fact, consideration for the original supply of goods or services to which they related.

In anticipation of the implementation of Making Tax Digital for Income Tax in April 2024, the recently published Finance Bill confirms HMRC’s proposals to change the current rules as to how profits are allocated to a tax year for self-employed individuals and partnerships (including LLPs). The proposal is to replace the existing current accounting year basis for trading income with a new tax year basis, from April 2024, with a transition year for 2023-24.

The Autumn Budget revealed only a few VAT updates. Changes are limited to a handful of Brexit related amendments, an extension of an exemption and the announcement of a consultation on fund management charges.

1.43 Clamping down on promoters of tax avoidance HMRC have been piling pressure on both the users and promoters of avoidance schemes recently. They have set up specialist teams to tackle these, challenging them through the Courts, offering settlement opportunities to participants as an ‘out’ in exchange for paying the lost tax plus interest and […]