Philip Baker QC Field Court Tax Chambers 3 Field Court Grays Inn - - PowerPoint PPT Presentation

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philip baker qc field court tax chambers 3 field court
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Philip Baker QC Field Court Tax Chambers 3 Field Court Grays Inn - - PowerPoint PPT Presentation

Nov 28, 2022 122 likes •230 views

FIELD COURT TAX CHAMBERS Philip Baker QC Field Court Tax Chambers 3 Field Court Grays Inn London WC1R 5EP e-mail: pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS Revenue yield A separate tax Rates of tax

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Philip Baker QC Field Court Tax Chambers 3 Field Court Gray’s Inn London WC1R 5EP e-mail: pb@fieldtax.com

FIELD COURT TAX CHAMBERS

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 Revenue yield  A separate tax  Rates of tax  Inflation  Jurisdictional limits  Exemptions  Tax avoidance  Positive lessons

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 2011: CGT - £3.6B; CT on CG - £1.9B (0.66%

and 0.35% of total tax revenue)

 So, c. 1% of total tax revenue  2010-11 – 146,000 individuals, 14,000 trusts

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 CGT: Individuals, personal representatives,

trusts

 Corporation Tax on Chargeable Gains for

companies

 Separate legislation (TCGA 1992)  Duplication of provisions  Differences between individuals and

companies

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 1965-1988 – 30%  1988-2008 – income tax rates  2008 – 18% rate  Now: 10%; 18%; 28% (IT: 10%, 20% and 45%)  Corporation Tax: 21%

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 No real answer  1982-1998 - inflation indexation  Rebasing to March 1982 values  1998-2008 – taper relief  2008+ lower rates than income tax

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 Residents: worldwide gains  (Non-domiciles – only if remitted)  Non-residents – only if trading in the UK

through a branch or agency / PE

 Very narrow base for non-residents: large

gains not taxed

 Plenty of opportunities for avoidance

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 Examples

 PPR – per couple; elections; periods of absence  Small chattels  Motor cars  QCBs

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 Huge experience  Various types:

 Capital loss schemes  Using exempt assets  Using the jurisdictional limits

 Countered by TAARs; possible scope for new

GAAR

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pb@fieldtax.com FIELD COURT TAX CHAMBERS FIELD COURT TAX CHAMBERS

 Experience of particular problems of specific

assets: e.g. debts; shares; land

 Experience of particular types of taxpayers:

couples; partnerships; trusts; offshore trusts and companies

 Experience (lots of it) of avoidance and ways

to counter it