A Record Year for Inheritance Tax Receipts!
HM Revenue and Customs is on course to collect a record-breaking £8 billion in inheritance tax this year due to fiscal drag and a lack of even the most basic planning amongst deceased taxpayers. A few facts. HMRC says…
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Inheritance tax receipts are on course to beat last year’s record
The Office for National Statistics’ August receipts reveal that £603 million was raised in July alone. Receipts for the previous quarter, April to July, stood at £2.6 billion, up £200 million on the same period last year. Have a look…
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Inheritance Tax Late-Payment Interest and Probate Delays
The HM Revenue & Customs has posted an increase in the rate of interest it charges on late paid tax from 22 August 2023 to 7.75 per cent. The rise in the rate, which is linked to the Bank of…
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Inheritance Tax – Important ‘Domicile of Choice’ Case 14 June 2023
The son and executor of Anantrai Maneklal Shah (the deceased) recently lost his claim that the deceased was not domiciled in England and Wales at the time of his death because he had expressed his intention to retire to Bangalore….
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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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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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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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