What’s New?

Thoughts on The Next Budget

The new Chancellor, Rachel Reeves, previously indicated that a Budget would only be held with the accompanying Office for Budget Responsibility forecasts. These forecasts require ten weeks’ notice. A Budget in late September, or October, is consequently quite possible.  The…
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HMRC makes £700m in Inheritance Tax in April 2024!!!

The number of estates paying inheritance tax is estimated to have increased by 15.9 percent over the last three years. Inheritance tax receipts reached £700million in April, according to data released by HM Revenue and Customs on 22 May 2024…
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Remote Execution of Wills No Longer Permitted

The amendments made to the Wills Act 1837 during the Covid-19 lockdowns, allowing remote execution of a will in England and Wales, reached their expiry date on 31 January 2024 and are no longer in force. Wills must again be signed in…
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Holyrood approves Trusts & Succession Bill

Just before the festive season got fully underway, it is worth noting that on 20 December 2023, the devolved Scottish parliament voted unanimously to pass the Trusts and Succession (Scotland) Bill. Now expected to receive royal asset early in 2024,…
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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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