Tax Blog

Interest Rates and the Payment of Inheritance Tax

With respect to my recent posts on interest rates for late paid inheritance tax, the latest increase to 4.75% will be effective from 11 October 2022. The rate has consistently risen throughout 2022 from a low of 2.60% immediately before…
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Dealing in Horses is not a trade for EIS purposes

A cautionary note on supposedly tax efficient investments (and qualifying for any tax relief).  The lesson is that you must meet the rigorous conditions that come with it and not just go through the motions in order to make a…
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Agricultural Property Relief Comes Under Serious Attack

The number of investigations that HM Revenue & Customs has opened into claims for agricultural property relief has increased by 28% in the last year, jumping from 217 investigations to 278 in the last 12 months, according to law firm…
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More Expensive Deferred Tax Payments on the Horizon

Bank base rates rose to 1.75% on 4 August and so, with respect to estate planning, one may anticipate HMRC’s rate on unpaid tax to increase to 4.25% in the near future. See in relation to my previous post: https://stephenparnhamtaxation.com/inheritance-tax-late-payment-rates-rise-the-implications/…
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HMRC’s Inheritance Tax Take Increases … Again!

HMRC collected a record £6.1bn in inheritance tax in 2021-22, the previous tax year.  That represents a jump of 14% on the £5.4bn collected in the previous year. It is the largest single-year rise since the 2015-16 financial year, when…
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Exemption for Small Trusts: Change is in the Air

What Changes are Coming?   Tax At Source & The Concession Six years ago there was a major shakeup in the taxation of interest and dividends – instead of tax at basic rate being deducted or deemed to have been…
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