Would a benefit in kind charge arise from access to digital music or books?
I was interested in the article by Sarah Saunders on the potential tax issues arising from electronic assets such as music and books (“Electronic friends” Taxation 22 October 2015). I have heard about the fact that books and music purchased digitally are in effect leased rather than owned but I suspect that this may not always be appreciated by clients.
I am sure that some of my clients have built up or are building up substantial online libraries and the article started me wondering whether there might be a simple way to pass these down to future generations.
It occurred to me that many of these clients have limited companies. If the company were to purchase the books and music presumably ownership could be passed down to the future shareholders. In many instances of family-run companies these are likely to be future generations who...
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