Tax Blog

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allowing remote execution of a will in England and Wales, reached their expiry date on 31 January 2024 and are no longer in force.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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Domicile of Choice: The Reality!

Legislation that is predicated on a person’s intentions is bound to be frustrating and inherently flawed. The law’s interpretation becomes even harder when inheritance tax is at stake and the person involved is no longer alive.  This was the situation…
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Inheritance Tax & the 2023 Autumn Statement

Despite weeks of press speculation based on wishful thinking, the following few sentences appeared on the government’s website a few seconds after the Chancellor sat down from giving his Autumn Statement on 22 November: “Inheritance tax nil-rate band and residence…
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Inheritance Tax Investigations Are Becoming Normal

The amount of inheritance tax recovered  by HMRC 2021/22 financial year was £326m – up from £254m in the previous 12 months. Since 2019, more than 13,000 people across the UK have been the subject of investigations and tax recoveries…
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A Failed IHT Business Property Relief Claim

The First-tier Tax Tribunal recently found that the provision of a converted barn as a wedding venue business was wholly or mainly for the purposes of holding its property as an investment. Consequently, it did not create an entitlement to…
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