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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…
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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…
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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…
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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…
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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…
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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…
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An eye opener on Wills – A few facts
New research by Royal London reveals that 5.4 million adults without a will do not know how to begin if they were to write one. 5.4 million adults without a will would not know where to begin if they were…
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Upper Tribunal allows IHT Business Property Relief on a livery yard
The decision, dismissing HMRC’s appeal, was made by the upper tribunal and now forms a precedent which judges can follow in subsequent cases. Background Vigne died in May 2012 owning Gravelly Way livery yard in Buckinghamshire, which amounted to around…
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Should you be worried about the PROBATE FEE hike?
The government has recently announced substantial increases in the fee to obtain the grant needed to take control of a deceased’s estate. The new fees, payable to the probate registry and due to take effect in April 2019, amounts to…
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