The Future of Inheritance Tax: Part I
Figures from the Office for Budget Responsibility show that the Treasury should anticipate just over 43 billion of inheritance tax over six years. The annual take will rise from £6.3 billion in the 2021/22 tax year to a record £8.3…
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HMRC’s Trust Registration Service & the Rapidly Approaching Deadline
The UK’s Trust Registration Service or TRS was first introduced in 2017 in compliance with the EU’s Fourth Money Laundering Directive. Initially, only express trusts with UK tax liabilities were required to register with the TRS and provide…
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HMRC’s latest guidance on the IHT nil rate band
When thinking about estate and inheritance tax planning its always sensible to start by quantifying the potential liability. How much of the estate is liable to inheritance tax and when the liability would arise. For most couples, all or…
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The Festive Filing of Tax Returns
How did you celebrate this year? HM Revenue and Customs has revealed that 2,828 taxpayers filed their self-assessment tax return on Christmas Day, compared to a ,ere 2,700 in 2020. HMRC says that for thousands of taxpayers, filing their tax…
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Budget 2021: Private Client Matters
What conclusions can we draw from the 2021 Budget with respect to inheritance tax and capital gains tax? Tax Revenues Will Rise The effect of the private client Budget changes, which are briefly set out below, is significant because in…
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‘Inheritance Tax Planning with Investment Property’
‘Inheritance Tax Planning with Investment Property’, is now available for you to download at absolutely no cost today, Tuesday 4th June, and for the next two days. Simply go to Amazon Books and type in ‘Steve Parnham’ or follow this…
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Inheritance Tax & Investment Property – What Clients will be Reading Next Week!!!
Inheritance Tax Planning with Investment Property’ will be published on Amazon Kindle early next week. The book will be available to you as one of my blog subscribers absolutely free of charge on Kindle to download for two or three…
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Half of over-45s unaware their main property is subject to IHT
The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50%) of over-45s admitting to be unaware their main property could be subject to IHT. According to Canada Life’s latest edition…
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Tax returns are often left to the last moment. But just how last minute do we actually leave it?
In a study into UK tax return statistics, GoSimpleTax have compiled a dataset of their own findings and HMRC reports to reveal the tax return habits of the UK. The company reveals that one of the times with the most…
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