Tax Blog

HMRC Win in IHT Home Scheme

HMRC has recently won an important inheritance tax case, in which a home-loan or double-trust, tax planning scheme failed. The case is James Charles Pride as trustee of the estate of the late Geraldine Jill Pride and HMRC’, was heard…
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The Inheritance Tax Implications of Loan Charge Settlements

HMRC are currently raising further assessments to income tax and national insurance in respect of the loan charge to taxpayers with employment-related ‘disguised remuneration loans’. Taxpayers looking to settle their cases are at risk of a significant liability to inheritance…
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The Budget & Inheritance Tax

There had been rumours of changes to the death benefits on pensions or restricting the ability to claim business relief on AIM shares, but these have escaped unscathed for the moment. Fiscal Drag From the start of the new tax…
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UK Inheritance Tax bill hits £5.9 billion

Inheritance tax receipts for April 2022 to January 2023 are £5.9 billion, which is £0.9 billion higher than in the same period a year earlier, according to the latest data from HMRC. In 2019/20 the average inheritance tax bill was…
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Late Payment of Tax Becomes Expensive

Following the Bank of England’s announcement on 2 February 2023 that the base rate will rise to 4%, HMRC’s interest rates are also increasing by 0.5%, to 6.5% for late payment interest. The rates, which apply to the main taxes and…
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Significant Updates for Three of my Kindle Books on Tax

Three of my Kindle books have been updated for recent developments as at January 2023. All have also been re-formatted to a more professional standard.  My formatting skills at the time of original publishing were adequate but far from stellar. …
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Inheritance Tax Investigations & Poor Compliance

  Inheritance Tax is one of the most complicated areas of tax law. As it is open to systemic misunderstanding and poor reporting practices, HMRC specifically and understandably targets inheritance tax as an area for investigation. I anticipate that an…
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The Future of Inheritance Tax: Part II

At a basic level, exposed families should consider a professionally drafted Will as essential.  Not only to ensure that material wealth passes as intended but also to ensure that the residential and transferrable residential nil rate bands are not inadvertently…
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