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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Tax Schemes & ‘Tales of the Unexpected’

There were reputedly 30,000 “home loan” or “double trust” schemes implemented in the late 20th and early 21st centuries and as people die these schemes have been increasingly challenged by HMRC since about 2011. The ‘home loan’ arrangement in the case…
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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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Inheritance Tax, Crucial Reliefs & Covid 19

Many thousands of people in the UK have lost their lives during the Covid-19 pandemic and about 5% of those deaths will probably result in an inheritance tax charge.   Inheritance tax is charged on the estate of a deceased…
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