Taking Stock Creative methods ensure wealth is kept in the family.
Creative methods ensure wealth is kept in the family.
Creative methods ensure wealth is kept in the family.
Senior tax partner at Grant Thornton, Mike Warburton, has this week been giving tips for avoiding tax. One way wealthy, elderly spinsters can avoid death duty is to marry a boy/girlfriend of their children!
This method, aired on Radio 4’s Today Programme early this week, works because gifts swapped between man and wife are tax-free. Once they have been exchanged, the couple divorce and return to their previous situation – with the gift soundly passed on!
Warburton, said: ‘This is actually technically sound, although it is not something I would recommend, and none of my clients over the past 20 years have yet carried out this procedure!’
Another drastic tax tip from Warburton was for married couples with large pensions. He suggested that if they divorced, the couple could split the pension in half, in the process lowering their tax status, saving as much as #7,000 per year.
He added: ‘Of course it would be ridiculous to recommend divorce just to save on tax bills.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View articleAfter years of deliberations and millions of dollars spent, EY has officially pulled the plug on its greatly anticipated break-up plan Read More...
View article