The Internal Revenue Service has announced the annual inflation adjustments for the tax year 2015. The items of greatest interest to those Americans living in the UK follow:
The basic exclusion amount from US federal estate tax on the estate of a US citizen decedent who dies in 2015 has been increased to US $5,430,000 from US $5,340,000.
The exclusion from US federal gift tax for gifts made to a spouse who is not a US […]
The public protector (or ombudsman) is appointed by the Quebec National Assembly with the mandate to “intervene . . . whenever [s]he has reasonable cause to believe that a person or group of persons has suffered or may very likely suffer prejudice as the result of an act or omission of a public body.” The public protector enjoys extensive investigatory powers, and her jurisdiction extends to Revenu Québec. The public protector regularly intervenes in […]
The Supreme Court, in a judgment released last Friday,1 has overruled the Court of Appeal by deciding that the IRD stands behind liquidators and employees when cash is available in liquidation and PAYE is owed.
This decision, which upholds the payment waterfall in Schedule 7 of the Companies Act, will be welcomed by insolvency practitioners after the Court of Appeal had upset previous industry practice.
Context
The case involved the relationship between section 167 of the Tax […]