Tax Insights

A&M Taxand Scotland Asset Managers Briefing Note: Volume 5

Donald Campbell, Senior Advisor

dcampbell@alvarezandmarsal.com

Jordan Brown, Director

Daniel Parry, Managing Director

dparry@alvarezandmarsal.com

Charlotte, Walker, Associate

August 17, 2020 / Europe

Volume 5: August 2020

Introduction to A&M TAXAND Scotland’s newest team members, call for evidence for Capital Gains Tax (CGT) and Pensions tax relief and a Market update from Managing Director, Daniel Parry.

Welcome to our August edition of the A&M Taxand Scotland Asset Managers Briefing Note!

Introduction to A&M Scotland’s newest team members

We are delighted to announce the further expansion of our team as Susan Ross (Director) and Alan Swords (Analyst) have both joined A&M Taxand in Glasgow in July. We are delighted to welcome both Susan and Alan to boost our team capabilities.

Susan joined A&M Taxand in Glasgow on 14th July to build our private client offering in Scotland. Susan will also work closely with the wider tax team in the UK providing personal tax expertise.

Susan has more than 20 years of experience advising high net worth individuals, fund executives, entrepreneurs and family businesses with a special interest in landed estates. Prior to joining A&M she spent most of her career with EY in their private client team. Susan has a proven track record of building strong client relationships through the provision of exceptional client service, often advising multiple generations of the same families.

Throughout her career, Susan has worked closely with clients becoming their trusted adviser to provide income tax advice, residence and domicile planning, capital gains tax and inheritance tax planning. She has advised landed estates on land transactions, land pooling, renewables and diversification and all aspects of succession planning.

Alan joined A&M Taxand in Glasgow on 20th July from KPMG and specializes in private client tax. His primary areas of concentration are tax compliance and advisory.​

Office of Tax Simplification’s (“OTS”) “Capital Gains Tax – call for evidence”

In July, the Government instructed the OTS to issue a call for evidence to review the UK capital gains tax (“CGT”).

The OTS have split this call for evidence into two sections and have requested views on the following:

  1. The principals of CGT and whether its scope and reach in the context of the wider tax system continues to be appropriate (“section 1”); and
  2. Simplification opportunities across a number of areas which commonly affect individual tax payers, business owners and investors including rates, reliefs and exemptions and how it interacts with other parts of the tax system (“section 2”).

A&M have submitted a response to section 1 of the call for evidence and are due to submit a response to section 2 by 12 October 2020.

Pensions tax relief administration: call for evidence

In July, the Government also issued a call for evidence to review the administration of pensions tax relief.

The government has expressed concerns regarding the potential for low-earning individual’s take-home pay to be affected by the method of pensions tax relief operated by their pension scheme.

The call for evidence seeks to gather views on the operation of the two ways in which pensions tax relief is administered, being net pay and relief at source, and what improvements can be made to address the discrepancy in outcomes for low earners…

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