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: 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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Scottish holiday accommodation loses BPR despite service provision

A legatee who inherited her father’s furnished holiday accommodation business failed to persuade the First-tier Tax Tribunal that it was ‘relevant business property’ for the purposes of business property relief under the Inheritance Tax Act 1984 (IHTA). The property was…
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Lockdown & Wills: The Latest

Lockdown has prompted the government to update the 183-year-old rules on witnessing wills. But some solicitors think reform is unnecessary and risks creating a contentious probate spike. Wills have stubbornly resisted the digital world. While many legal documents, including deeds…
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