Iain Wallis

Proven Tax Strategies for High Net Worth Individuals

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Landlord & Letting Show Coventry 26-27 November

October 28, 2014 By Iain

Finalist Logo GeneralWe will be exhibiting at the Landlord & Letting Show taking place at Hall 2, Stoneleigh Park, Coventry, on Wednesday 26th & Thursday 27th November 2014, and we hope you can join us! Maybe on day two help us celebrate as we are finalists in the prestigious Landlord & Letting Show Awards with the winners to be announced during the show.
It’s free to attend and the event aims to educate and inform property professionals by offering access to:
• A comprehensive product and services exhibition

• Free seminars covering a wide range of topics delivered by leading industry experts.

• There are two presentations from me entitled “5 Top Tax Tips to Legally Avoid Property Taxes” one on Wednesday at 11.30 and one on Thursday at 14.00. These are always full so be sure to be there in plenty of time

• Associations and Government Bodies
• Fantastic networking opportunities
• Information on the latest legislation
Visit the website at http:www.warwickshire.landlordshow.info to find out more and book free show tickets, then come along and visit us on stand 38.

Always happy to chat legal tax avoidance and share the love.

Filed Under: Capital Gains Tax, Inheritance Tax, Marriage, personal tax, property investment, property tax, speaker, Tax avoidance, Taxation, Uncategorized Tagged With: capital gains tax, flipping, HMRC, income tax, inheritance tax, Inheritance tax Jimmy Carr K2, Self Assessment, tax avoidance, tax evasion, Tax Return

Why Tax Avoidance is still legal

May 31, 2013 By Iain

“No man in this country is under the smallest obligation, moral or other, so as to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his stores. The Inland Revenue is not slow – and quite rightly – to take every advantage which is open to it under the taxing statutes for the purpose of depleting the taxpayer’s pocket. And the taxpayer is, in like manner, entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue.”

This delicious quote from the judgment of Lord Clyde (Ayrshire Pullman v CIR (1929) 14TC 754)  has always been the foundation on which accountants like me, who help their clients with legal tax avoidance have built their arguments.

 

Parliament has rejected this judgement by enacting the general anti-abuse rule or GAAR. Taxation it is argued is not to be treated as a game where taxpayers can indulge in any ingenious scheme in order to eliminate or reduce their tax liability.

So watch out Jimmy Carr!

 

But what does it mean for those of us who do arrange their affairs to avoid tax but not in such an aggressive way?

Well the good news is that those who feared that it would be a charter for HMRC to crush and penalise anything it didn’t like have not materialised. Instead we have a reasoned argument that making the most of the rules is just fine but taking steps which are artificial, abnormal or simply to escape tax will be caught by GAAR. The downside is that what you consider to be fair and reasonable may not be quite the same as that of your local Tax Inspector!

So what does that mean in the property world:

  •   Giving assets to your spouse or children to reduce tax while it may avoid tax isn’t abusing the rules
  •  Switching the capital gains tax relief between main residences is allowed; that will no doubt keep a few MP’s happy

That said few of us are engaged in the aggressive tax planning used by the likes of Jimmy Carr so in the real world nothing really changes.

Or as the neighbours might say plus ca change J

 If you would like a strategic session to review your affairs please email Iain@iainwallis.com

 

Filed Under: Capital Gains Tax, Inheritance Tax, personal tax, Tax avoidance, Taxation, Uncategorized Tagged With: flipping, GAAR, income tax, inheritance tax, jimmy carr, K2, tax avoidance, tax evasion

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