HMRC nets record £5.3bn in inheritance tax
HMRC collected a record £5.3bn in inheritance tax in the year to February 2018, according to private client law firm Wilsons. The revenue authority’s inheritance tax take increased by 13% compared to the £4.7 billion collected in 2016/17. Wilsons said…
Read more
Ken Dodd – ”Self -Assessment, I invented that”
The Last Laugh? Two days before his death the comedian married long-term partner Anne Jones, with whom he had shared his Liverpool home for the past 40 years. While the couple were reportedly delighted to have finally tied the knot,…
Read more
Government in line for Inheritance Tax boost as savers unclear on ISA rules – Canada Life
Inheritance tax (IHT) receipts from ISA investments are set to soar as more than half of savers do not realise they form part of people’s estates, Canada Life has warned. Exposure to Inheritance Tax The provider said its annual IHT…
Read more
Partial success for farmer’s daughter in proprietary estoppel claim
Anyone observing family disputes over farming businesses over the past few years will probably have reflected on the wisdom of making succession plans as clear as is practical. Unfortunately, family ‘understandings’ lack clarity and formal undertakings. Chapter 3 of my…
Read more
Simplifying Inheritance Tax: The Latest!
The Chancellor Philip Hammond has written to the Office of Tax Simplification (OTS) asking it to carry out a review into inheritance tax, which he said is “particularly complex” at present. In the letter, addressed to OTS chairman Angela Knight…
Read more
Best late tax returns excuses and expense claims
HMRC has exposed the most original excuses for late tax return and expense claims ahead of the 31 January deadline From being too busy touring the country to claiming to seeing aliens, the following excuses were all used in unsuccessful…
Read more
Millennials to secure ‘inheritance boom’! Or Will They???
Millennials will benefit from the biggest “inheritance boom” of any post-war generation, but it will be too late to solve housing issues and wealth inequality, a recent report says. Those who have parents and grandparents in the “baby boomer” generation…
Read more
Are Over-50’s ‘Cutting Back’ to Leave an Inheritance?
Possibly!!! According to new data from Populus, nearly half of people aged over 50 are willing to forgo luxuries in later life to leave a larger inheritance for their children. The study, commissioned by Saga Money, also found that 80…
Read more
The Future of Inheritance Tax Reliefs
HM Revenue & Customs has published research that was carried out independently on its behalf looking at the awareness of, and use made of, Agricultural and Business Property Relief (APR and BPR) for Inheritance Tax. It seems likely that this…
Read more
Autumn Budget next Wednesday
The Autumn Budget will be announced next Wednesday (22 November). Measures likely to be in it include: legislation to transfer non-resident companies currently subject to income tax and/or capital gains tax on UK property businesses into UK corporation tax; anti-avoidance…
Read more