Details of new HMRC restrictions on CGT private residence relief
HMRC has launched a consultation on changes to private residence relief from capital gains tax that were announced at Budget 2018. As from 6 April 2020, lettings relief will be restricted to owners who share occupancy with a tenant. Lettings relief…
Read more
Tony Benn’s estate reduces estates inheritance tax by £210,000 – Planning Tip.
The archive of the late Tony Benn has been donated to the British Library under the acceptance in lieu scheme, allowing his family to reduce a substantial inheritance tax bill. The enormous collection, comprising several hundred thousand documents and recordings…
Read more
Reform of Inheritance Tax System???
Chancellor Philip Hammond wrote to the Office of Tax Simplification in January last year asking it to review inheritance tax. In a report published in November 2018, the OTS recommended the government implement a fully integrated digital system for IHT….
Read more
Still an Amazon #1 Best Seller after two years!
“The Absolute Essence of Inheritance Tax Planning” –Best Seller in Tax Law – https://amzn.to/2VO8njn
Tony Benn’s estate reduces inheritance tax by £210,000 – Planning Tip.
The archive of the late Tony Benn has been donated to the British Library under the acceptance in lieu scheme, allowing his family to reduce a substantial inheritance tax bill. The enormous collection, comprising several hundred thousand documents and recordings…
Read more
Inheritance Tax & Agriculture: Wine & Apples!!!
A special relief from inheritance tax is afforded to land that is occupied “for the purposes of agriculture”. The term is not exhaustively defined – no doubt the parliamentary draftsman thought that unnecessary and that, like an elephant, you would…
Read more
Half of over-45s unaware their main property is subject to IHT
The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50%) of over-45s admitting to be unaware their main property could be subject to IHT. According to Canada Life’s latest edition…
Read more
Tax returns are often left to the last moment. But just how last minute do we actually leave it?
In a study into UK tax return statistics, GoSimpleTax have compiled a dataset of their own findings and HMRC reports to reveal the tax return habits of the UK. The company reveals that one of the times with the most…
Read more
Business Property Relief and Property: The Latest
It is well known that HM Revenue & Customs (HMRC) are very reluctant indeed to allow business property relief for inheritance tax where the business is that of letting property. HMRC have consistently taken the view that while the letting…
Read more
Practitioner not liable for free advice to friends
Although nothing to do with inheritance tax or capital gains tax, this is nevertheless a really interesting case where most professional advisers would instinctively feel that the original 2016 ruling was not quite right. The England and Wales High Court…
Read more