Tax Blog

The Autumn Statement & The Capital Taxes

In Brief In the words of HMRC, “The inheritance tax nil-rate bands are already set at current levels until April 2026 and will stay fixed at these levels for a further two years until April 2028. The nil-rate band will…
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Inheritance Tax & 17th November 2022

The prime minister Rishi Sunak froze inheritance tax thresholds until 2025-26 when he was chancellor, and it is now understood that he will continue with his stealth tax raid in order to plug the fiscal black hole.  A further threshold…
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Interest on Late Tax Payments Rises Again!

Following the Bank of England’s announcement on 3 November 2022 that the base rate would rise to 3%, HMRC ‘s interest rates will also increase by 0.75%, to 5.5% for late payment interest and 2% for repayment interest, from 22…
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Landlords and Estate Planning

More than one in two landlords with large property portfolios have no succession plan in place, potentially leaving heirs with large inheritance tax bills. Handelsbanken has found that 52% of landlords with more than 10 properties have no estate management…
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Interest Rates and the Payment of Inheritance Tax

With respect to my recent posts on interest rates for late paid inheritance tax, the latest increase to 4.75% will be effective from 11 October 2022. The rate has consistently risen throughout 2022 from a low of 2.60% immediately before…
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Dealing in Horses is not a trade for EIS purposes

A cautionary note on supposedly tax efficient investments (and qualifying for any tax relief).  The lesson is that you must meet the rigorous conditions that come with it and not just go through the motions in order to make a…
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Agricultural Property Relief Comes Under Serious Attack

The number of investigations that HM Revenue & Customs has opened into claims for agricultural property relief has increased by 28% in the last year, jumping from 217 investigations to 278 in the last 12 months, according to law firm…
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More Expensive Deferred Tax Payments on the Horizon

Bank base rates rose to 1.75% on 4 August and so, with respect to estate planning, one may anticipate HMRC’s rate on unpaid tax to increase to 4.25% in the near future. See in relation to my previous post: https://stephenparnhamtaxation.com/inheritance-tax-late-payment-rates-rise-the-implications/…
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