Tax Blog

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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HMRC’s Inheritance Tax Take Increases … Again!

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…
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Exemption for Small Trusts: Change is in the Air

What Changes are Coming?   Tax At Source & The Concession Six years ago there was a major shakeup in the taxation of interest and dividends – instead of tax at basic rate being deducted or deemed to have been…
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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…
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