Inheritance tax avoidance investigations rise as HMRC cracks down on estate undervaluations
HM Revenue and Customs is increasingly targeting estates it believes have undervalued residential property to avoid Inheritance Tax bills, according to an accountancy firm. HMRC investigated 5,400 estates for underpayment of inheritance tax (IHT) last year. This is up 5%…
Read more
Latest Farming Dispute Demonstrates the Importance of Written Partnership Agreements
In the latest farming dispute to emerge from the courts (Wild v Wild, 2018 EWHC 2197 Ch), a judge has ruled that a £1.65m farm and bungalow should be included in the deceased’s estate rather than part of a farming…
Read more
Get it today!!!
If you have not read ‘The Absolute Essence of Inheritance Tax Planning’ then this is probably the best time to get it for three reasons. Firstly, after just under 18 months in publication in remains an Amazon #1 Bestseller in…
Read more
Many trustees appear to have forgotten ten-year anniversary charges
HMRC have recently released details of the value of assets held in UK taxpaying discretionary trusts at the ten yearly charge date, and have confirmed that information for more recent years is deemed to be incomplete because of delays by…
Read more
Holiday lets are entitled to IIHT Business Property Relief if they provide ‘exceptional service’
A furnished holiday letting business qualified for business property relief (BPR) from inheritance tax because it provided guests with an ‘exceptional level of service and amenities’, and so did not consist wholly or mainly of making or holding investments. So…
Read more
No Inheritance Tax deduction for rent liability in Execs of Estate of D S Campbell Dec’d v HMRC
In Execs of Estate of D S Campbell Dec’d v HMRC [2018] TC06389, the First-Tier Tribunal held that outstanding rents on a lease related to the deceased’s business, were deductible in calculating the value of the Business Property Relief qualifying business…
Read more
Estate Planning: Farmer succeeds in proprietary estoppel claim against his own son!!!
In yet another family farm dispute, and there have been many recently, farmer JM Gee has made a successful proprietary estoppel claim on £8 million of farm assets, on the basis that his father assured him for 30 years that…
Read more
Estates may be undervalued as digital assets potentially go undeclared
Executors could be unwittingly undervaluing a deceased’s estate by failing to declare unsuspected digital assets such as online bank accounts, Paypal accounts, cryptocurrency, ownership of internet domains and so on, says the Institute of Legacy Management. Its response to the…
Read more
Whither Inheritance Tax? Big Changes in 2018 ???
Inheritance tax (IHT) has been around for more than 300 years. In its current form, it replaced the old Capital Transfer Tax, which had been developed with a philosophical basis – to protect the poor by deliberately redistributing inherited wealth…
Read more
GDPR & 25th May
A very good afternoon, As you may already be aware, new digital privacy regulations will be introduced on 25th May relating to General Data Protection (GDPR). I need your consent to send you email communications, particularly those relating to my…
Read more