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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Inheritance Tax & 17th November 2022
The prime minister Rishi Sunak froze inheritance tax thresholds until 2025-26 when he was chancellor, and it is now understood that he will continue with his stealth tax raid in order to plug the fiscal black hole. A further threshold…
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Inheritance Tax Receipts Dramatically Rise Again – The Effect on Planning
Recent data provided by HM Revenue & Customs reveals that inheritance tax brought in £557m in September 2022. That takes the overall tax-take in this area to £3.5bn in the first half of the 2022/2023 tax year. This is a…
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Are Executors Failing to Claiming Inheritance Tax Reliefs?
A word of warning for diligent executors! The wording on the Inheritance Tax claim form IHT436 may lead executors to underclaim relief for the transfer any unused residence nil rate band, or RNRB, on inheritance tax returns …….
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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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Inheritance Tax Take Continues To Rise
Inheritance tax receipts for April 2021 to March 2022 were £6.1bn, which is £0.7bn higher than in the same period 12 months earlier, latest data from HM Revenue & Customs (HMRC) revealed. The government data also showed receipts…
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Inheritance Tax Rises Again and Again!
The Increase HM Revenue and Customs recently announced that it received £6bn for inheritance tax receipts in 2021. This is a 19% or £1bn rise in total receipts from the year before – and also a record intake for…
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Inheritance Tax Reporting Changes Effective from 1 January 2022
Following changes to the excepted estates rules from 1 January 2022, certain Inheritance Tax forms can no longer be used for deaths after 31 December 2021 where the estate is non-taxpaying. A different process must be followed. The new rules…
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Changes to French succession laws – is it still possible to prevent French forced heirship rules applying to French property?
Recent changes to French succession laws threaten the ability of a British national to prevent the French forced heirship rules from applying to their French assets, using the provisions of the EU Succession Regulation. For most UK citizens, the…
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