Tax Blog

Latest & Interesting HMRC Statistics on Non-Domicilaries

HMRC’s latest round of tax statistics issued on 6 July shows that many non-domiciled individuals stayed outside of the UK and remitted less taxable income back. In 2022 there has been an increase in the number of non-domiciled taxpayers arriving…
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Inheritance Tax Receipts up £100m Annually

The Government’s inheritance tax intake totalled £600m in April 2023, a figure £100m up on the equivalent April 2022 figure, recent data published by HMRC has indicated. This follows the record-breaking 2022/23 tax year which saw £7.1bn raised in inheritance…
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Immediate Action Required on Certain Charitable Donations

For more than a decade, individuals making donations to European Union (EU) and European Economic Area (EEA) charities and Community Amateur Sports Clubs (CASCs) have generally been able to claim UK income tax, capital gains tax and inheritance tax reliefs…
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Inheritance Taxpayers Rise by 24 percent

  HM Revenue & Customs has reported that 41,000 people were liable to paying inheritance tax in the 2022/2023 financial year. This represents an increase of 24% compared to 33,000 people the previous year and is now the highest figure…
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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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