HMRC’s Trust Registration Service & the Rapidly Approaching Deadline
The UK’s Trust Registration Service or TRS was first introduced in 2017 in compliance with the EU’s Fourth Money Laundering Directive. Initially, only express trusts with UK tax liabilities were required to register with the TRS and provide certain…
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Inheritance Tax Take Continues To Rise
Inheritance tax receipts for April 2021 to March 2022 were £6.1bn, which is £0.7bn higher than in the same period 12 months earlier, latest data from HM Revenue & Customs (HMRC) revealed. The government data also showed receipts…
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HMRC’s latest guidance on the IHT nil rate band
When thinking about estate and inheritance tax planning its always sensible to start by quantifying the potential liability. How much of the estate is liable to inheritance tax and when the liability would arise. For most couples, all or at…
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Tax Take from Inheritance Tax to Increase Dramatically
HM Treasury is set to receive £37bn in inheritance tax payments over the next five years, according to estimates from the Office for Budget Responsibility. Their March 2022 forecast expects intakes of: £6.7bn in 2022-23; £6.9bn in 2023-24; £7.3bn…
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The Spring Statement March 2022
Rishi Sunak’s last two spring statements were dominated by vast spending and multi-billion-pound bailout programmes to help businesses and workers through the pandemic. This time the Chancellor faces a new challenge: the cost of living crisis. He is under immense…
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Fact Check: Inheritance Tax 2022
Inheritance tax paid by families has more than doubled in a decade. Total receipts from inheritance tax have increased from £2.7 billion in 2010 to £5.4 billion, according to a recent review of Treasury documents. The Treasury is forecast to…
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Fact Check: Capital Gains Tax 2022
The UK’s capital gains tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to latest research. The increase is primarily due to four major factors. Firstly, the cut…
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Inheritance Tax Rises Again and Again!
The Increase HM Revenue and Customs recently announced that it received £6bn for inheritance tax receipts in 2021. This is a 19% or £1bn rise in total receipts from the year before – and also a record intake for…
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Practice News
As an author I have recently joined Goodreads where some of my tax driven books have already received strong reviews. My author page is worth visiting: https://www.goodreads.com/author/show/15370116.Steve_Parnham If you would like to become a ‘Follower’ on Goodreads that would be…
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