Tax Blog

Thoughts on The Next Budget

The new Chancellor, Rachel Reeves, previously indicated that a Budget would only be held with the accompanying Office for Budget Responsibility forecasts. These forecasts require ten weeks’ notice. A Budget in late September, or October, is consequently quite possible.  The…
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HMRC makes £700m in Inheritance Tax in April 2024!!!

The number of estates paying inheritance tax is estimated to have increased by 15.9 percent over the last three years. Inheritance tax receipts reached £700million in April, according to data released by HM Revenue and Customs on 22 May 2024…
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Inheritance Tax and Domicile in the Spring 2024 Budget

  Liability to inheritance tax depends on domicile status and the situs or location of assets. Under the current regime, no inheritance tax is due on the non-UK assets of a non-domiciliary unless the individuals fall within the deemed domicile…
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Remote Execution of Wills No Longer Permitted

The amendments made to the Wills Act 1837 during the Covid-19 lockdowns, allowing remote execution of a will in England and Wales, reached their expiry date on 31 January 2024 and are no longer in force. Wills must again be signed in…
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Crucial CGT Relief Denied to Trustees

  A fairly clear lesson in the need to be conversant with the legislation and HMRC practice and to ensure that one’s ‘ducks are lined up’ before any major event or tax trigger point, despite several ingenious arguments in the…
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Holyrood approves Trusts & Succession Bill

Just before the festive season got fully underway, it is worth noting that on 20 December 2023, the devolved Scottish parliament voted unanimously to pass the Trusts and Succession (Scotland) Bill. Now expected to receive royal asset early in 2024,…
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