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This coming weekend before the forthcoming Advanced Tax exam, it is important to strengthen your resolve for the battle ahead. At this stage, I do not recommend you look at any new questions or technical material. Instead, just read through the answers to the...

VAT comes up in the Advanced Tax exam for at least 10 marks and one of the areas due to be examined in September 2022 is VAT Deregistration. There are 2 types of Deregistration-optional and compulsory A business can choose to deregister voluntarily if the expected...

A very popular area in the Advanced Tax exam which is due to be examined in September 2022 is Temporary Non-Residents who are UK domiciled.These are individuals who satisfy 2 conditions·       UK resident for 4 out of the last 7 years before departure·       Non...

When I am fortunate enough to travel, I love doing similar things to my childhood hero, Tintin. This is why I recently did an overnight camel trek in the Sahara desert. The interesting thing about deserts is it gets freezing cold at night! Camels have a life...

One important area which is due to come up in the Advanced Tax exam is advising an individual on overseas aspects. In order to do this, you first need to establish the individual’s domicile. We generally acquire our domicile of origin at birth from our father. Until...

One important area which is due to come up in the Advanced Tax exam is advising a company on setting up either an overseas branch or an overseas subsidiary. The branch would be an extension of the UK company and its profits would be subject to UK corporation tax at...

An area due to come up in the September 2022 Advanced Tax is incorporation relief. This defers the capital gain when a sole trader transfers the business to a limited company. Gains will only arise on chargeable assets such as land and buildings and goodwill. Assets...

A very popular area in the Advanced Tax exam which is due to be examined in September 2022 is CGT groups. For CGT groups, the direct shareholding must be at least 75% but the indirect only has to be 51%. Companies in the same group can transfer assets to group members...

The main asset which potentially creates an inheritance tax liability in an individual’s death estate is the main residence. If the main residence is left to a UK domiciled spouse in the death estate, it will be completely tax free and covered by the interspousal...

Usually, gifts of cash do not have any income tax implications if they are paid out of the donor’s income. However, as the following case law shows it is possible for gifts to be treated as disguised remuneration if an existing business relationship exists. With...