Value Added; from Dealing with the Latest Rules on Making Your Business More Tax Efficient to Untangling the Maze of Copyrights and Patents, Our Experts Have All the Answers at Their Fingertips

Daily Record (Glasgow, Scotland), August 19, 2004 | Go to article overview

Value Added; from Dealing with the Latest Rules on Making Your Business More Tax Efficient to Untangling the Maze of Copyrights and Patents, Our Experts Have All the Answers at Their Fingertips


BRUCE WILSON QI WANT to do some Inheritance Tax planning so that the Government will not take a lot of my estate after my death. I believe the recent Finance Act has affected some of the traditional planning techniques. What's changed? ATHERE are new rules which will examine arrangements put in place as long ago as March 1986. The rules will look at two sets of circumstances.

The first applies if you divest yourself of assets in such a way that you can still enjoy the use of them and save Inheritance Tax (IHT).

Under the new legislation you will pay Income Tax every year based on the notional rental value of the asset.

The second applies if you provide someone with funds to buy something - say a house for an elderly relative - and on their death the house comes back to you.

In such a case you will face the new Income Tax charge. Cash gifts made more than seven years previously will not be counted.

If anyone has put in place IHT plans which they thought were safe from the taxman, they should obtain professional advice.

The rules are complicated and involve the possible interaction of IHT, Income Tax and Capital Gains Tax. Ignoring this issue is not an option.

DAVID PRESTONQIHAVEgotintoa long-running dispute which is heading for court. I want to avoid any costly and time-consuming process. What options are open to me at this late stage?

AIT'S never too late to consider mediation. Many businesses successfully resolve disputes with suppliers, contractors and employees this way.

The dispute is resolved quickly, costs are kept down and the two sides are more likely to engage in business again. It is often called a win-win situation - unlike the court system, which almost always has a winner and a financial loser.

Mediation can be more flexible because the solution can go beyond what the parties might see as the only result when they start out onwhat can be a difficult process. …

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Value Added; from Dealing with the Latest Rules on Making Your Business More Tax Efficient to Untangling the Maze of Copyrights and Patents, Our Experts Have All the Answers at Their Fingertips
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