Inheritance Tax
14th February 2019
The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50%) of over-45s admitting to be unaware their main property could be subject to IHT. According to Canada Life’s latest edition…
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14th December 2018
It is well known that HM Revenue & Customs (HMRC) are very reluctant indeed to allow business property relief for inheritance tax where the business is that of letting property. HMRC have consistently taken the view that while the letting…
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7th December 2018
New research by Royal London reveals that 5.4 million adults without a will do not know how to begin if they were to write one. 5.4 million adults without a will would not know where to begin if they were…
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23rd October 2018
The amount of inheritance tax (IHT) paid year-on-year has fallen for the first time in a decade, according to figures from HMRC. A series of weak months from January to June 2018, probably caused by the stalled property market, saw…
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18th September 2018
HM Revenue and Customs is increasingly targeting estates it believes have undervalued residential property to avoid Inheritance Tax bills, according to an accountancy firm. HMRC investigated 5,400 estates for underpayment of inheritance tax (IHT) last year. This is up 5%…
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11th September 2018
In the latest farming dispute to emerge from the courts (Wild v Wild, 2018 EWHC 2197 Ch), a judge has ruled that a £1.65m farm and bungalow should be included in the deceased’s estate rather than part of a farming…
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9th September 2018
If you have not read ‘The Absolute Essence of Inheritance Tax Planning’ then this is probably the best time to get it for three reasons. Firstly, after just under 18 months in publication in remains an Amazon #1 Bestseller in…
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13th August 2018
HMRC have recently released details of the value of assets held in UK taxpaying discretionary trusts at the ten yearly charge date, and have confirmed that information for more recent years is deemed to be incomplete because of delays by…
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13th July 2018
A furnished holiday letting business qualified for business property relief (BPR) from inheritance tax because it provided guests with an ‘exceptional level of service and amenities’, and so did not consist wholly or mainly of making or holding investments. So…
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6th July 2018
In Execs of Estate of D S Campbell Dec’d v HMRC [2018] TC06389, the First-Tier Tribunal held that outstanding rents on a lease related to the deceased’s business, were deductible in calculating the value of the Business Property Relief qualifying business…
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