A Record Year for Inheritance Tax Receipts!
HM Revenue and Customs is on course to collect a record-breaking £8 billion in inheritance tax this year due to fiscal drag and a lack of even the most basic planning amongst deceased taxpayers. A few facts. HMRC says…
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Inheritance tax receipts are on course to beat last year’s record
The Office for National Statistics’ August receipts reveal that £603 million was raised in July alone. Receipts for the previous quarter, April to July, stood at £2.6 billion, up £200 million on the same period last year. Have a look…
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HM Revenue and Customs Now Charge 7.5 per cent Interest on Unpaid Inheritance Tax Bills
UK taxpayers with unpaid inheritance tax bills should now consider the effect of interest on unpaid tax. The rate HM Revenue and Customs now charges has risen to 7.5 per cent. That rate is at a 15-year high. The…
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Latest & Interesting HMRC Statistics on Non-Domicilaries
HMRC’s latest round of tax statistics issued on 6 July shows that many non-domiciled individuals stayed outside of the UK and remitted less taxable income back. In 2022 there has been an increase in the number of non-domiciled taxpayers arriving…
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Inheritance Tax – Important ‘Domicile of Choice’ Case 14 June 2023
The son and executor of Anantrai Maneklal Shah (the deceased) recently lost his claim that the deceased was not domiciled in England and Wales at the time of his death because he had expressed his intention to retire to Bangalore….
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Inheritance Tax Receipts up £100m Annually
The Government’s inheritance tax intake totalled £600m in April 2023, a figure £100m up on the equivalent April 2022 figure, recent data published by HMRC has indicated. This follows the record-breaking 2022/23 tax year which saw £7.1bn raised in inheritance…
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Immediate Action Required on Certain Charitable Donations
For more than a decade, individuals making donations to European Union (EU) and European Economic Area (EEA) charities and Community Amateur Sports Clubs (CASCs) have generally been able to claim UK income tax, capital gains tax and inheritance tax reliefs…
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Inheritance Taxpayers Rise by 24 percent
HM Revenue & Customs has reported that 41,000 people were liable to paying inheritance tax in the 2022/2023 financial year. This represents an increase of 24% compared to 33,000 people the previous year and is now the highest figure…
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HMRC Win in IHT Home Scheme
HMRC has recently won an important inheritance tax case, in which a home-loan or double-trust, tax planning scheme failed. The case is James Charles Pride as trustee of the estate of the late Geraldine Jill Pride and HMRC’, was heard…
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The Inheritance Tax Implications of Loan Charge Settlements
HMRC are currently raising further assessments to income tax and national insurance in respect of the loan charge to taxpayers with employment-related ‘disguised remuneration loans’. Taxpayers looking to settle their cases are at risk of a significant liability to inheritance…
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