More Expensive Deferred Tax Payments on the Horizon
Bank base rates rose to 1.75% on 4 August and so, with respect to estate planning, one may anticipate HMRC’s rate on unpaid tax to increase to 4.25% in the near future. See in relation to my previous post: https://stephenparnhamtaxation.com/inheritance-tax-late-payment-rates-rise-the-implications/…
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HMRC’s Inheritance Tax Take Increases … Again!
HMRC collected a record £6.1bn in inheritance tax in 2021-22, the previous tax year. That represents a jump of 14% on the £5.4bn collected in the previous year. It is the largest single-year rise since the 2015-16 financial year, when…
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Are Executors Failing to Claiming Inheritance Tax Reliefs?
A word of warning for diligent executors! The wording on the Inheritance Tax claim form IHT436 may lead executors to underclaim relief for the transfer any unused residence nil rate band, or RNRB, on inheritance tax returns …….
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Inheritance Tax Late Payment Rates Rise: The Implications
Following the Bank of England’s recent decision to increase the base rate, HMRC have announced that their late payment interest rate for inheritance tax will increase to 3.75% from 5 July 2022. HMRC’s interest rate for the late payment of…
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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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Tax Take from Inheritance Tax to Increase Dramatically
HM Treasury is set to receive £37bn in inheritance tax payments over the next five years, according to estimates from the Office for Budget Responsibility. Their March 2022 forecast expects intakes of: £6.7bn in 2022-23; £6.9bn in 2023-24;…
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Fact Check: Inheritance Tax 2022
Inheritance tax paid by families has more than doubled in a decade. Total receipts from inheritance tax have increased from £2.7 billion in 2010 to £5.4 billion, according to a recent review of Treasury documents. The Treasury is forecast to…
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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 Reporting Changes Effective from 1 January 2022
Following changes to the excepted estates rules from 1 January 2022, certain Inheritance Tax forms can no longer be used for deaths after 31 December 2021 where the estate is non-taxpaying. A different process must be followed. The new rules…
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Changes to French succession laws – is it still possible to prevent French forced heirship rules applying to French property?
Recent changes to French succession laws threaten the ability of a British national to prevent the French forced heirship rules from applying to their French assets, using the provisions of the EU Succession Regulation. For most UK citizens, the…
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