Tax Guidance and Research from Tolley^®

Life insurance policiesLife insurance products are used either:•to pay out a sum of money to a beneficiary when someone dies, or•as an investment vehicle to provide a return on an investment in much the same way as other savings-type products (for example, an endowment policy attached to a

Loans from directors and shareholdersThis guidance note provides an overview of the tax implications to consider when loans are made to companies by their shareholders and directors and provides links to other guidance notes setting out more detail on the various rules.‘Late interest’ rulesIf a

Accrued income schemeThe accrued income scheme was originally introduced as an anti-avoidance measure in 1985 to bring what would otherwise be a capital gain within the scope of income tax. ‘Bond-washing’ was a practice whereby holders of securities (such as gilts or corporate bonds) would dispose

Social security agreementsThe purpose of social security agreementsSocial security agreements exist for three main purposes:•to ensure contributions are not paid twice on the same earnings•to offer some protection to social security benefit entitlements by allowing contributions to be aggregated or

Tax implications of administration and liquidationThis guidance considers the tax implications of a company going into administration or liquidation.What administration and liquidation means for companiesCompany going into administrationA company which is in financial difficulty may go into

Incentives, awards and prizesIntroduction ― incentives, awards and prizesEmployers may use a variety of methods to reward and encourage employees in their work. These are commonly known as incentives, awards or prizes. For the purposes of this note, the term ‘award’ will be used to cover all