Inheritance Tax receipts up £500m from April to July
HM Revenue & Customs collected £2.1bn between April and July 2021 in inheritance tax receipts, £500m more than the same period in 2020. The government has said that lower receipts at the same point last year were due to a…
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A New Inheritance Tax Tool from HMRC
HMRC have released a new tool ‘Check if you might need to pay Inheritance Tax’ to allow those dealing with deceased estates to work out the approximate value of the estate in order to help decide whether any inheritance tax…
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Inheritance Tax Receipts Rise on back of a Lack of Effective Planning
HM Revenue & Customs (HMRC) received £1.5bn in inheritance tax (IHT) receipts between April and June 2021, a 33% increase from the same period in 2020. The government has commented that higher receipts in 2021 are likely to be…
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Inheritance tax and The Acceptance-in- Lieu scheme (“AIL”)
As a general rule the assets of a deceased person over the value of the nil rate band (currently £325,000) are chargeable at 40% inheritance tax. However, since 1910 the UK government has encouraged those administering estates, responsible for ensuring…
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THE THREE THINGS YOU NEED TO KNOW ABOUT INHERITANCE TAX
You only need to be aware of three things when it comes to inheritance tax: That inheritance tax receipts will at least double in the decade to 2030. That there is a widespread lack of awareness surrounding inheritance tax…
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OTS Capital Gains Tax Review Published 20 May 2021
On 20 May 2021 the OTS, the Office for Tax Simplification, published its second report into capital gains tax (CGT) after being requested by the Chancellor to review the law in 2020. Fourteen recommendations have been made by the OTS…
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Is Your Will Good Enough?: 1975 Act Claims Against Estates by Adult Children
In recent years claims bought by adult children have seen varying levels of success (the door having been opened by the case of Illot v Mitson [2017]). However, the reality is that claims by adult children under the 1975 Act…
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How are HMRC’s Tax Receipts holding up in 2021?
Not so badly under the circumstances according to HMRC!!! The pandemic has taken a toll on tax revenues as the latest figures show total tax receipts for the tax year 2020 to 2021 are £584.3bn, a significant £49.1bn lower than…
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HMRC Unsuccessfully Challenges Tax Reducing Rectification
The England and Wales High Court (EWHC) has agreed to rectify two deeds of appointment made in 2013 that mistakenly terminated Nicholas Ware’s life interest, a qualifying pre-March 2006 life interest, in the assets of his late father, when they…
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Trust Registration Deadline Extended for Non-Taxpaying Trusts
HMRC have confirmed that the March 2021 target for upgrading the Trust Registration Service (TRS) to allow non-taxable trusts to register will not be met. The general requirement for all express trusts to register on the TRS was introduced by…
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