HMRC is reviewing claims by members of such chambers with a view to recovering additional tax, and so it is important to have an agreement in place with HMRC.

The ATED charge initially applied to UK residential properties held in corporate and similar structures if worth more than £2m in April 2012, or at acquisition if later.

When a close company makes a loan to or advances money to a participator (or an associate) a charge arises on the company equal to 25% of the loan or advancement.

Whatever the reasons for a marital breakdown, tax issues will almost inevitably require consideration.

When claiming Entrepreneurs’ Relief on the sale of securities or shares in a company, there are two 5% rules to bear in mind.

After many months of debate, and two important decisions by the courts (Bloomsbury Wealth Management at the Tax Tribunal and Deutsche Bank at the CJEU), it seems that HMRC and the financial sector have moved a little closer to understanding one another.

Business property relief (BPR) can potentially save IHT relief at 40% so an individual with business assets worth £1m could save tax of £400,000 by ensuring that BPR is available.

On 13 July 2012, HMRC issued its consultation in relation to the cap on income tax reliefs due to apply from 6 April 2013.

The Court of Appeal has ruled that the famous painting of ‘Omai’ by Sir Joshua Reynolds is exempt from CGT – despite it selling for £9.4m in 2001.

The Government has introduced a new Seed EIS (SEIS) scheme for shares issued after 5 April 2012 to encourage investment into early stage businesses.

By 2016, HMRC will be able to check that income and gains arising from certain assets located in the Crown dependencies are reflected in the UK tax returns for the beneficial owners.

The pension simplification reforms, which came into force in 2006, allow for greater flexibility and innovative solutions.

Non-UK residents who visit the UK must keep careful records of the dates of their visits to this country, as demonstrated by two recent cases.

From 1 January 2015, all businesses that sell ‘e-services’ to non-business customers in other member states are required to account for VAT in the EU country where their customer downloads the product.

It is common practice in certain industries to reward customers for the purchases that they make through, for example, frequent-flyer programmes and supermarket loyalty points.

With a little forethought and tact, challenging family issues can be resolved before they escalate into real problems.

On 14 March 2013 the Financial Reporting Council issued FRS102, the financial reporting standard applicable in the UK and Republic of Ireland.

How has the FTSE 100 changed since its launch way back in the 1980s and what does this mean for today’s investors?

This is our fourth eshot in the series on Real Time Information (RTI) for employers and pension providers.

Smith & Williamson has, for many years, combined an independent firm of chartered accountants with an investment management and private banking house.