Inheritance tax: HMRC collects record amounts of IHT The government has announced that HMRC collected a record sum of £5.4 billion in inheritance tax (IHT) during the 2018/19 tax year. The increase
Delay to rise in probate fees The government has delayed its planned increase in probate fees indefinitely. The delay has been attributed to 'pressure on Parliamentary time' caused by Brexit debates and votes.
Inheritance Tax Review by Office of Tax Simplification The Office of Tax Simplification (OTS) has published the first of two reports on inheritance tax. The first report sets out an explanation of
HMRC warning: time to declare offshore assets HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes
Simplification of Inheritance Tax The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates. IHT
We have featured the tax efficiency of pension fund investment in a number of recent newsletters. As well as the increased flexibility in terms of drawdown arrangements that were introduced in April
Whilst on the subject of inheritance tax planning why not consider setting up a standing order to family members? Such regular gifts can be outside of the scope of inheritance tax provided
New inheritance tax rules for passing on the family home started on 6 April 2017. This new relief should be taken into consideration when drafting your Will and we can work with
At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th
A furnished holiday letting business is treated as a trade for most tax purposes. For example, capital allowances are available on furniture, and CGT entrepreneurs' relief is available on disposal of the
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