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 in April…
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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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The Festive Filing of Tax Returns
How did you celebrate this year? HM Revenue and Customs has revealed that 2,828 taxpayers filed their self-assessment tax return on Christmas Day, compared to a ,ere 2,700 in 2020. HMRC says that for thousands of taxpayers, filing their tax…
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A Family Investment Company to Preserve Wealth?
A Family Investment Company to Preserve Wealth? Family investment companies have very recently made the headlines as HMRC has recently concluded that there is no evidence that the use of family investment companies was being abused. This is really…
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A New Inheritance Tax Tool from HMRC
HMRC have released a new tool ‘Check if you might need to pay Inheritance Tax’ to allow those dealing with deceased estates to work out the approximate value of the estate in order to help decide whether any inheritance tax…
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Inheritance Tax Receipts Rise on back of a Lack of Effective Planning
HM Revenue & Customs (HMRC) received £1.5bn in inheritance tax (IHT) receipts between April and June 2021, a 33% increase from the same period in 2020. The government has commented that higher receipts in 2021 are likely to be…
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How are HMRC’s Tax Receipts holding up in 2021?
Not so badly under the circumstances according to HMRC!!! The pandemic has taken a toll on tax revenues as the latest figures show total tax receipts for the tax year 2020 to 2021 are £584.3bn, a significant £49.1bn lower than…
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Trust Registration Deadline Extended for Non-Taxpaying Trusts
HMRC have confirmed that the March 2021 target for upgrading the Trust Registration Service (TRS) to allow non-taxable trusts to register will not be met. The general requirement for all express trusts to register on the TRS was introduced by…
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Inheritance Tax & Covid-19
Welcome to February! According to the latest HMRC figures published, inheritance tax receipts hit a five-year high in the final quarter of 2020. Receipts steadily rose from August onwards and peaked at a five-year high in October 2020. While this…
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Third-Party Notice Powers: No Right of Appeal?
There are circumstances where HMRC has a legitimate need to directly approach financial institutions to obtain tax related information where taxpayers are unwilling or unable to do so. As things stand, HMRC has the power to issue a Schedule 36…
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