Throughout 2019, the dominant theme has been Brexit and, latterly, which government will be elected on 12 December. Both hold the promise (or risk) of change for private clients. In the world away from Westminster, clients have seen yet more change to transparency rules, and have been getting to grips with further changes to property taxation and the new protected trusts regime, while HMRC has seen a mixed bag of wins and losses in litigation over IR35 and high-profile investment schemes. Practitioners have engaged in consultations over the future taxation of trusts, and the proposed simplification of inheritance tax. There’s more change to come in 2020, but the overall direction will be determined by whichever government is elected before Christmas.
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Throughout 2019, the dominant theme has been Brexit and, latterly, which government will be elected on 12 December. Both hold the promise (or risk) of change for private clients. In the world away from Westminster, clients have seen yet more change to transparency rules, and have been getting to grips with further changes to property taxation and the new protected trusts regime, while HMRC has seen a mixed bag of wins and losses in litigation over IR35 and high-profile investment schemes. Practitioners have engaged in consultations over the future taxation of trusts, and the proposed simplification of inheritance tax. There’s more change to come in 2020, but the overall direction will be determined by whichever government is elected before Christmas.
If you are not a subscriber, subscribe now to read this content.
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