Tax Take from Inheritance Tax to Increase Dramatically
HM Treasury is set to receive £37bn in inheritance tax payments over the next five years, according to estimates from the Office for Budget Responsibility. Their March 2022 forecast expects intakes of: £6.7bn in 2022-23; £6.9bn in 2023-24; £7.3bn in…
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The Spring Statement March 2022
Rishi Sunak’s last two spring statements were dominated by vast spending and multi-billion-pound bailout programmes to help businesses and workers through the pandemic. This time the Chancellor faces a new challenge: the cost of living crisis. He is under immense pressure…
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Fact Check: Inheritance Tax 2022
Inheritance tax paid by families has more than doubled in a decade. Total receipts from inheritance tax have increased from £2.7 billion in 2010 to £5.4 billion, according to a recent review of Treasury documents. The Treasury is forecast to increase…
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Fact Check: Capital Gains Tax 2022
The UK’s capital gains tax bills jumped 20 per cent from £10.8bn to a record high of £12.9bn in the past year, according to latest research. The increase is primarily due to four major factors. Firstly, the cut to…
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Inheritance Tax Rises Again and Again!
The Increase HM Revenue and Customs recently announced that it received £6bn for inheritance tax receipts in 2021. This is a 19% or £1bn rise in total receipts from the year before – and also a record intake for…
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Practice News
As an author I have recently joined Goodreads where some of my tax driven books have already received strong reviews. My author page is worth visiting: https://www.goodreads.com/author/show/15370116.Steve_Parnham If you would like to become a ‘Follower’ on Goodreads that would be…
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Inheritance Tax Reporting Changes Effective from 1 January 2022
Following changes to the excepted estates rules from 1 January 2022, certain Inheritance Tax forms can no longer be used for deaths after 31 December 2021 where the estate is non-taxpaying. A different process must be followed. The new rules…
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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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Changes to French succession laws – is it still possible to prevent French forced heirship rules applying to French property?
Recent changes to French succession laws threaten the ability of a British national to prevent the French forced heirship rules from applying to their French assets, using the provisions of the EU Succession Regulation. For most UK citizens, the big…
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Will Homes Ever Become Subject to Capital Taxes?
A new report wants the government to consider capital gains tax on profits made from appreciating house values for all properties, not just additional ones. The report says existing home-owners, and particularly those who bought in the late 1990s and…
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