Inheritance Tax

Domicile of Choice: The Reality!

Legislation that is predicated on a person’s intentions is bound to be frustrating and inherently flawed. The law’s interpretation becomes even harder when inheritance tax is at stake and the person involved is no longer alive.  This was the situation…
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Inheritance Tax & the 2023 Autumn Statement

Despite weeks of press speculation based on wishful thinking, the following few sentences appeared on the government’s website a few seconds after the Chancellor sat down from giving his Autumn Statement on 22 November: “Inheritance tax nil-rate band and residence…
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Inheritance Tax Investigations Are Becoming Normal

The amount of inheritance tax recovered  by HMRC 2021/22 financial year was £326m – up from £254m in the previous 12 months. Since 2019, more than 13,000 people across the UK have been the subject of investigations and tax recoveries…
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A Failed IHT Business Property Relief Claim

The First-tier Tax Tribunal recently found that the provision of a converted barn as a wedding venue business was wholly or mainly for the purposes of holding its property as an investment. Consequently, it did not create an entitlement to…
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Business Succession, Mutual Wills & Proprietary Estoppel

The England and Wales High Court (EWHC) has rejected a will challenge made by two brothers on the basis of mutual wills allegedly made by their parents. Nevertheless, it allowed the claim on the alternative ground of proprietary estoppel.  This…
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Inheritance Tax to Double!!!

The annual amount raised by inheritance tax will rise from £7  billion to £15 billion over the next decade a recent report has found. As each generation amasses more wealth, those who inherit will have to pay more to the…
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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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