Investments

A husband and wife own several residential investment properties in their joint names. The houses are scattered across a wide area. Another client owns properties in London, but lives outside the city. Consideration is given to whether travelling costs to visit and check the properties and to carry out repair work are allowable

CRC v Stolkin, Upper Tribunal (Tax and Chancery Chamber)

Financial institutions were involved in the misselling of interest rate hedging products or “swaps”. Compensation payments involve elements such as “basic redress”, “interest” and “consequential loss”

The system is increasingly haphazard, the Institute for Fiscal Studies has warned

The annual allowance for retirement savings has fallen to £40,000 from £50,000.

The change – with effect from 6 April 2014 – means pensions contributions in excess of the cap during a tax year may be subject to a charge, which must be declared on a self assessment tax return.

But unused allotments from previous periods can be carried forward for up to three years to cover excess contributions. There are two calculators:

A client and his mother owned the freehold of a small block of flats and the client inherited his mother’s share on her death. He has a long lease on one of the flats, which is his main residence

A brother and sister own a property that is let out. The sister says she wants nothing to do with the property and the brother receives all of the rent. Will this income be taxed on the brother only? It is intended that the brother’s company will receive some of this income in future

A new company has constructed and installed a wind turbine for a considerable sum on land that is rented from a farmer for a share of profits

Getting to grips with the fundamental concepts of proposed pension changes

A look at the National Audit Office report on the landscape of tax breaks

Some doctors may have worked overseas during the early years of their careers and might have amassed offshore pension pots. When added to their National Health Service pensions the amounts may exceed the lifetime allowance