Inheritance Tax

Reform of Inheritance Tax System???

Chancellor Philip Hammond wrote to the Office of Tax Simplification in January last year asking it to review inheritance tax. In a report published in November 2018, the OTS recommended the government implement a fully integrated digital system for IHT….
Read more

Inheritance Tax & Agriculture: Wine & Apples!!!

A special relief from inheritance tax is afforded to land that is occupied “for the purposes of agriculture”.  The term is not exhaustively defined – no doubt the parliamentary draftsman thought that unnecessary and that, like an elephant, you would…
Read more

Business Property Relief and Property: The Latest

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…
Read more

An eye opener on Wills – A few facts

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…
Read more

Stagnant property market hits IHT tax take

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…
Read more