Edwin Huang

London Chartered Tax Advisers.
Ex Big-4. Ex @TaxAidUK trustee & treasurer. Lapsed pianist. These events not linked.
Usual caveats re RTs.

[Edwin Huang @ExH_Tax]

@DanNeidle Ooh!

[Edwin Huang @ExH_Tax]

@hselftax May I ask what happens to the annuity post-death? Is it like any other annuity?

[Edwin Huang @ExH_Tax]

@hselftax Moving funds from one of her accounts to another of her accounts? Maybe a cheque (since she can issue written instructions)? Finance PoA can be used when donor has capacity.

[Edwin Huang @ExH_Tax]

@JeremyCokerJC @WCoTaxAdvisers @cityoflondon @CityandLivery @mjashdown @ourATT Likewise, wishing you and the wider family a lovely Christmas with best wishes for the New Year.

[Edwin Huang @ExH_Tax]

John-Paul Marks to replace Jim Harra as HMRC's permanent secretary & chief executive in Apr 2025.
P.S. love the 'alt text' description of the photo, 'a person in a suit and tie', how apt in many ways.
https://t.co/0hajEIpUCW?

[Edwin Huang @ExH_Tax]

"The volume of letters being posted in the UK has plummeted, with half the number being sent compared to 2011 levels."
A 1st / 2nd class stamp in 2011 was 46p/36p respectively. They are now £1.65/85p respectively.
.@RoyalMail is there not a correlation?
https://t.co/GJLfahzhgO

[Edwin Huang @ExH_Tax]

@JudithFreedman I'm sure there will be row-back from this pledge - in the same way as their manifesto had "a pledge not to raise rates of income tax, national insurance or VAT" but then said 'ah, we meant no increases in "E'ee" NICs.'.

[Edwin Huang @ExH_Tax]

@hselftax What do you think of his 9th point, which I have queried.
https://t.co/d8Qx2bqOjk

[Edwin Huang @ExH_Tax]

Is this statement true @TomABacon re "taken out of use for farming"?
If the land is not used for farming / agricultural use then there is no APR IHT exemption for the owner.

[Edwin Huang @ExH_Tax]

Is this statement true @TomABacon re "taken out of use for farming"?
If the land is not used for farming / agricultural use then there is no APR IHT exemption for the owner.

[Tom Bacon @TomABacon]

In the last year alone, 400,000 hectares of agricultural land have been taken out of use for farming, as the wealthiest purchase land. Doing so allows them to avoid IHT. /9

[Edwin Huang @ExH_Tax]

"Banana sells for $0.35 then for $6.2M in the same day" is one way of describing this story. And the pre-sale estimate was $1.5M
#WhatIsArt !
https://t.co/zCPBxO1nXw

[Edwin Huang @ExH_Tax]

@ChristianJMay I think your article assumes ("Lineker will pay capital gains tax at 10 per cent on the first £1m paid out to him following the disposal of assets from Goalhanger Films") that Gary Lineker hasn't used any of his BADR lifetime limit in the past.

[Edwin Huang @ExH_Tax]

@cmackinlay @ICAEW @CIOTNews @UKLabour Re "Answer: Executors will need to sell land.". Not necessarily; an alternative is for the executors to sell some shares in the company that owns the farm. This avoids the CT and income tax on div route. I'm not saying this is ideal, though.

[Edwin Huang @ExH_Tax]

@RowanMMcDade @JudithFreedman @DanNeidle @Cynfab3 @FundilyMundelly @JonathanTapp @cmackinlay @ICAEW @CIOTNews @UKLabour Maybe someone will have time to track back through Hansard!

[Edwin Huang @ExH_Tax]

@JudithFreedman @DanNeidle @Cynfab3 @FundilyMundelly @JonathanTapp @cmackinlay @ICAEW @CIOTNews @UKLabour I don't recollect the Govt wanting to make this distinction in the Budget docs. There are certainly vested interests (as with all areas of tax policy). Maybe there will be more clarity in their technical consultation in early 2025, unless there is a policy change beforehand ...

[Edwin Huang @ExH_Tax]

@JudithFreedman @DanNeidle @Cynfab3 @FundilyMundelly @JonathanTapp @cmackinlay @ICAEW @CIOTNews @UKLabour Owners of tenanted farms are currently eligible for APR - oeriod of occupation 7 years vs 2 years for farmer owners.

[Edwin Huang @ExH_Tax]

This. Sigh.

[Susie Dent @susie_dent]

Word of the day is ‘recrudescence’ (17th century): the return of something terrible after a time of reprieve.

[Edwin Huang @ExH_Tax]

Are these the same NHS consultants who protest about the pensions annual allowance cap?
https://t.co/gIvKIKYJGv

[Edwin Huang @ExH_Tax]

HMRC looking for feedback on their new "tax agents handbook" ...
https://t.co/M3eBmSFpsD

[Edwin Huang @ExH_Tax]

#Budget2024 - HMRC are looking to get new compliance powers but the impact assessment shows no revenue will be generated as a result ... so, what's the point?
https://t.co/GDhvaKhdmj

[Edwin Huang @ExH_Tax]

#Budget2024 Why is the Chair of Ways & Means, rather than the deputy Speaker, calling the ChX ?

[Edwin Huang @ExH_Tax]

#Budget2024 Looking at table 5.1 Red Book and the forecast revenue of £122.27Bn over 5 years from raising NICs, there doesn't seem to be mention of decreases from corporation tax due to lower profits.
https://t.co/Nb4x8HB8lB