Rod Smith’s article on Intellectual Property and tax planning, entitled Let’s get creative with the tax planning; IP to I-Plan! has been published in the latest ACID (Anty Copying in Design) Magazine. To read it, please see page 12- 13 in the online version of the latest magazine, issue 66.
Personal tax services
The Residence Nil Rate Band is an additional Inheritance Tax allowance that can be claimed for estates where the deceased owned their own home and left their home, or a share of it, to their direct descendants.
The current additional allowance is £150,000 and will increase to £175,000 in April 2020. This means that in April 2020 married couples and civil partners will potentially be able to claim Inheritance Tax allowances totalling £1million.
However, there are significant limitations to when the additional Residence Nil Rate Band can be claimed:
Parents have increasingly been relied upon as property prices increase with a recent report from Legal & General suggesting that over a quarter of all home buyers receive assistance from family or friends. However, when providing support to family members, few people are aware of the different options which may be available when considering how such support should be provided. These can include the following:
- Capital Gains Tax (‘CGT’) – the basics
CGT is a tax on the profit when you give/sell a ‘chargeable asset’, including selling residential property.
The costs of buying, selling or improving a property – estate agents’ and solicitors’ fees, improvement costs which are reflected in the property’s value – can be deducted.
You only have to pay CGT on your overall gains above your tax-free allowance of £11,300.
You do not pay CGT when you give/sell residential property if it is your ‘only’ or ‘main residence’.
National law firm Stone King LLP has been shortlisted in the Large Law Firm of the Year category of the Law Society’s Excellence Awards 2018.
The firm is one of 10 to be shortlisted in this category. Award winners will be chosen by a panel of expert judges and announced on 17 October 2018 at a ceremony in Grosvenor House Hotel on Park Lane, London.
Stone King is delighted to announce that Julian Blake, formerly joint head of Charity and Social Enterprises at Bates Wells Braithwaite, and commercial property lawyer Caroline Taylor, formerly partner at Michelmores LLP, have joined the national law firm as partners. The firm has also made five new partner promotions across the business.
After more than four decades with Stone King, having been instrumental in its growth and prosperity, Michael King is bidding a fond farewell and retiring from the national law firm.
Michael has led Stone King’s Charity & Social Enterprise Group, been Senior Partner and Chairman and been instrumental in driving the firm’s growth in London, having established its first office there in 1990.
The Archers, who won their appeal against HMRC’s issue of an Accelerated Payment Notice (‘APN’), have been refused an Order for their legal costs on the basis that they should have first exhausted their statutory right to make representations to HMRC directly.
National law firm Stone King is pleased to announce it is relocating to larger premises in Leeds to accommodate ongoing growth. On 23 March 2018, the firm is moving into almost 1,200 sq ft of office space at 1 City Square in central Leeds, from its current base in Aire Street.
In a world of identity fraud, nuisance callers and scams it is becoming increasingly difficult to protect ourselves and know who to trust. In an effort to help, Stone King is running a series of free community coffee mornings in Bath on a number of topics.