Is this the end of a centuries-long era for trusts?
Statistics released by HMRC this week show a fourth consecutive year of decline in the number of trusts in the UK. This is the continuation of a trend which over the last decade or so has seen the total number…
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HMRC achieves a record levels of inheritance tax
There has been a 15% hike in the number of estates liable to pay inheritance tax in recent years and HMRC has been the beneficiary – to the tune of a record-breaking £5.4bn in 2018/19 According to figures released in…
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Capital Gains Tax overhaul ‘to raise £90bn’?
Bringing taxation on assets in line with the regime for income tax could raise £90bn over five years, according to a recent report from the Institute for Public Policy Research (IPPR) which is calling for the removal of the capital…
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Inheritance Tax Unclear for Many People
Some 40% of people do not know how much money can be passed on free of inheritance tax (IHT), research from Zurich has found. Statistics from the provider also showed 36% of over 55s did not know how much they…
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Inheritance Tax Faces a Fundamental but Interesting Change
Under proposed changes to the inheritance tax, the current rules on gift-giving could be cut down from seven years to five. A review of the system ordered by chancellor Philip Hammond claimed the period in which executors are required to…
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‘Inheritance Tax Planning with Investment Property’
‘Inheritance Tax Planning with Investment Property’, is now available for you to download at absolutely no cost today, Tuesday 4th June, and for the next two days. Simply go to Amazon Books and type in ‘Steve Parnham’ or follow this…
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Inheritance Tax & Investment Property – What Clients will be Reading Next Week!!!
Inheritance Tax Planning with Investment Property’ will be published on Amazon Kindle early next week. The book will be available to you as one of my blog subscribers absolutely free of charge on Kindle to download for two or three…
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IHT tax receipts breaks records again hitting £5.4bn
Inheritance tax receipts have increased to a record £5.4 billion in the 2018/19 tax year according to HM Revenue and Customs figures published in late April. Receipts increased by around £160 million in just a year from £5.2 billion in…
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Details of new HMRC restrictions on CGT private residence relief
HMRC has launched a consultation on changes to private residence relief from capital gains tax that were announced at Budget 2018. As from 6 April 2020, lettings relief will be restricted to owners who share occupancy with a tenant. Lettings relief…
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Tony Benn’s estate reduces estates inheritance tax by £210,000 – Planning Tip.
The archive of the late Tony Benn has been donated to the British Library under the acceptance in lieu scheme, allowing his family to reduce a substantial inheritance tax bill. The enormous collection, comprising several hundred thousand documents and recordings…
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