Private Client newsletter - Autumn 2005

October 2005

This quarterly newsletter provides news and our expert views on relevant tax and investment issues for private individuals.

Contents:

Racing - a gift horse or an expensive hobby?
Since racing is regarded as a non-business activity, the associated costs do not add up to taxable income - so is it merely an expensive hobby? No, says Nicholas Smail - your winnings are exempt from tax and there are some attractive deductions via the Owners' Scheme.

Pre-owned assets update
Barrister Emma Chamberlain with the latest news on pre-owned assets.

Movie magic
The Government is encouraging film production in the UK by incentivising would be film backers with a number of tax reliefs.

A room with a view - more on agricultural property relief
Martin Pickering ponders how you can protect your view, whilst at the same time saving tax.

Costa lot?
Spanish holiday homes - sounds lovely, but those who failed to get tax advice on purchase would be well advised to do so now, to mitigate a potentially large tax bill later.

A winning flutter
Most people like the occasional flutter, but some take gambling of one sort or another seriously. John Whiting considers whether the taxman is also interested in your backing a winner.

Questions and answers
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