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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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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The Budget & Inheritance Tax
There had been rumours of changes to the death benefits on pensions or restricting the ability to claim business relief on AIM shares, but these have escaped unscathed for the moment. Fiscal Drag From the start of the new tax…
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UK Inheritance Tax bill hits £5.9 billion
Inheritance tax receipts for April 2022 to January 2023 are £5.9 billion, which is £0.9 billion higher than in the same period a year earlier, according to the latest data from HMRC. In 2019/20 the average inheritance tax bill was…
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Poor Planning and Poor Records = A Poor Legacy for the Children
Provincial Equity Finance v Dines, 2023 EWHC 103 Ch is a reminder that inheritance tax disputes are often won or lost by whether the testator has done some of the ‘heavy lifting’ that is necessary during their lifetime. The adult children of…
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Late Payment of Tax Becomes Expensive
Following the Bank of England’s announcement on 2 February 2023 that the base rate will rise to 4%, HMRC’s interest rates are also increasing by 0.5%, to 6.5% for late payment interest. The rates, which apply to the main taxes and…
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Significant Updates for Three of my Kindle Books on Tax
Three of my Kindle books have been updated for recent developments as at January 2023. All have also been re-formatted to a more professional standard. My formatting skills at the time of original publishing were adequate but far from stellar. …
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