Why is the Labour Inheritance Tax Proposal a Problem
What will the inheritance tax changes proposed by the Labour party mean to you? Please see a view from our tax advisor with over 17 years experience.
Who’s Going to Pay for Social Care?
In this current turbulent political landscape, specific issues are being overshadowed. The Centre for Policy Studies has recently highlighted something under the radar. The Rt Hon Damian Green has put proposals forward to address the issues of the ongoing social care crisis.
Estate Planning: Myths That Just Won’t Die!
Estate planning remains probably the most misunderstood area of Financial Planning. Some clients think they just need a little Financial Planning but not any Estate Planning. Some consider themselves too old or too young to even think about it. Policy changes from HMRC that hit the headlines do nothing to inspire confidence in a notoriously complex system.
Inheritance Tax: The Proverbial Elephant In the Room
Inheritance tax (IHT) receipts are predicted to reach a staggering £10bn annually by 2030, almost doubling the current figures, according to analysis from leading financial institutions.(more…)
Controversial New Probate Fees Imminent?
With the continuing issue of Brexit still hovering over the Government, the less urgent approval motion to controversially increase probate fees has been delayed. It had been suggested that the new probate regime would be introduced this month.
What Is Inheritance Tax?
Inheritance Tax (IHT) is a tax on the transfer of assets from one person to another. It is usually encountered when someone dies, and they leave their Estate to either one individual or a range of beneficiaries. However, lifetime gifts also have IHT consequences. The rate of IHT is generally 40%.
Tough New Tactics from HRMC
Attachment of Earnings Order – new agressive tool
Getting people to pay HMRC the money they owe has always proved to be tricky. In 2016 it spent £24m on private sector debt collectors but in 2017 the figure soared to £39m. HMRC now has a new, more aggressive tool at its disposal, known as an Attachment of Earnings Order. These are being used alongside the feared Accelerated Payment Notices (APNs).
Death Bed Marriages
Why Are Death Bed Marriages Fashionable?
As drastic as it sounds, statistics show that more cohabiting couples are deciding to marry when one partner is literally on their deathbed. Evidence from the Home Office and the Passport Office shows a significant rise in the number of urgent marriages, often from people in health service providers.(more…)
Increase In Investigations Into Inheritance Tax
HMRC Investigations into Inheritance Tax up by 5%
In 2015-16 24% of all taxable estates were investigated by HMRC. With rapidly increasing prices in the property market, the amount of IHT potential is very significant. Figures just released show that HMRC made 5,400 estate investigations last year. This is a year on year increase of 5%. Challenging the value of estates and investigating IHT figures in tax returns is a lucrative method for HMRC of reaping extra tax.
A Sea Change for Landlords?
The Government is determined to build a housing market fit for the future. It aims to make the private rental market fairer and more transparent for tenants. In doing so, it will reduce the number of private landlords in the UK by making it less lucrative.