The Chancellor Responds to OTS’s Reports on IHT & CGT
The government has accepted five recommendations from the Office for Tax Simplification on issues relating to capital gains tax in a bid to “provide some practical simplifications for taxpayers”. In its official response to the OTS reports into the…
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An Easing of Inheritance Tax Reporting Requirements
Perhaps not the most exciting of posts this time but if you are, or are about to prepare an inheritance tax account, these developments may be just what you are looking for. HM Revenue & Customs have released a policy…
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Inheritance Tax: Where Things Currently Stand
The autumn budget has passed without incident despite some flagging up potential seismic changes to inheritance tax and capital gains tax. That is no surprise at all. Any changes on that scale are more likely later in this governments…
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Inheritance Tax Changes?
Despite it only affecting around 4% of deaths in the UK, inheritance tax is arguably the most disliked tax of them all. This is partly because many regard inheritance tax as technically a double tax because it applies…
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A Family Investment Company to Preserve Wealth?
A Family Investment Company to Preserve Wealth? Family investment companies have very recently made the headlines as HMRC has recently concluded that there is no evidence that the use of family investment companies was being abused. This is really…
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Inheritance Tax receipts up £500m from April to July
HM Revenue & Customs collected £2.1bn between April and July 2021 in inheritance tax receipts, £500m more than the same period in 2020. The government has said that lower receipts at the same point last year were due to a…
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A New Inheritance Tax Tool from HMRC
HMRC have released a new tool ‘Check if you might need to pay Inheritance Tax’ to allow those dealing with deceased estates to work out the approximate value of the estate in order to help decide whether any inheritance…
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Inheritance Tax Receipts Rise on back of a Lack of Effective Planning
HM Revenue & Customs (HMRC) received £1.5bn in inheritance tax (IHT) receipts between April and June 2021, a 33% increase from the same period in 2020. The government has commented that higher receipts in 2021 are likely to…
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Inheritance tax and The Acceptance-in- Lieu scheme (“AIL”)
As a general rule the assets of a deceased person over the value of the nil rate band (currently £325,000) are chargeable at 40% inheritance tax. However, since 1910 the UK government has encouraged those administering estates, responsible for ensuring…
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THE THREE THINGS YOU NEED TO KNOW ABOUT INHERITANCE TAX
You only need to be aware of three things when it comes to inheritance tax: That inheritance tax receipts will at least double in the decade to 2030. That there is a widespread lack of awareness surrounding inheritance tax…
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