The Autumn Statement & The Capital Taxes
In Brief In the words of HMRC, “The inheritance tax nil-rate bands are already set at current levels until April 2026 and will stay fixed at these levels for a further two years until April 2028. The nil-rate band will…
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Interest on Late Tax Payments Rises Again!
Following the Bank of England’s announcement on 3 November 2022 that the base rate would rise to 3%, HMRC ‘s interest rates will also increase by 0.75%, to 5.5% for late payment interest and 2% for repayment interest, from 22…
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Inheritance Tax Receipts Dramatically Rise Again – The Effect on Planning
Recent data provided by HM Revenue & Customs reveals that inheritance tax brought in £557m in September 2022. That takes the overall tax-take in this area to £3.5bn in the first half of the 2022/2023 tax year. This is a…
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Interest Rates and the Payment of Inheritance Tax
With respect to my recent posts on interest rates for late paid inheritance tax, the latest increase to 4.75% will be effective from 11 October 2022. The rate has consistently risen throughout 2022 from a low of 2.60% immediately before…
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Dealing in Horses is not a trade for EIS purposes
A cautionary note on supposedly tax efficient investments (and qualifying for any tax relief). The lesson is that you must meet the rigorous conditions that come with it and not just go through the motions in order to make a…
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Capital Gains Tax: transfers of assets between spouses and civil partners in the process of separating
The Government has published proposals to change the rules that apply to transfers of assets between spouses and civil partners who are in the process of separating. It is proposed to introduce legislation via a Finance Bill in 2022-23 that…
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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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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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Exemption for Small Trusts: Change is in the Air
What Changes are Coming? Tax At Source & The Concession Six years ago there was a major shakeup in the taxation of interest and dividends – instead of tax at basic rate being deducted or deemed to have been…
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