Monthly Archive: July 2022
HMRC collected a record £6.1bn in inheritance tax in 2021-22, the previous tax year. That represents a jump of 14% on the £5.4bn collected in the previous year. It is the largest single-year rise since the 2015-16 financial year, when…
A word of warning for diligent executors! The wording on the Inheritance Tax claim form IHT436 may lead executors to underclaim relief for the transfer any unused residence nil rate band, or RNRB, on inheritance tax returns …….
Following the Bank of England’s recent decision to increase the base rate, HMRC have announced that their late payment interest rate for inheritance tax will increase to 3.75% from 5 July 2022. HMRC’s interest rate for the late payment of…