Planning for Inheritance Tax challenges as penalties surge in 2022/23 tax year

While Inheritance Tax (IHT) is a topic that many find uncomfortable to discuss, it is an unavoidable aspect of estate planning. Read More

Navigating estate planning and Inheritance Tax: what you need to know

HM Revenue & Customs (HMRC) recently announced that Inheritance Tax (IHT) receipts were up by £200 million between April to July 2023, making this a record high.

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What do you need to know about Inheritance Tax?

Are you thinking about the tax implications of your estate and what this could mean for your loved ones after you pass?

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COVID-19 – HMRC relax inheritance tax process

HM Revenue & Customs (HMRC) has announced changes to the inheritance tax (IHT) process to ensure minimal disruption because of the coronavirus pandemic. Read More

HMRC investigates a quarter of estates that pay IHT

In the 2018 to 2019 tax year, HMRC opened 5,537 inheritance tax (IHT) investigations, which equated to almost a quarter (23 per cent) of the 22,000 estates on which the tax is applicable. Read More

Could the IHT seven-year rule on gifts be cut to five?

At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40 per cent must be paid. Read More

Are you aware of the inheritance tax risks associated with gifting?

According to new research conducted by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS), only one in four people who make financial gifts are aware of the inheritance tax (IHT) risks. Read More

HMRC reveals inheritance tax payments have hit a record high

According to data released by HM Revenue & Customs (HMRC) inheritance tax (IHT) payments have hit a record high. Read More

Gifts out of income and their benefits to beneficiaries

Giving away surplus income as a gift to family members is often promoted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts work in practice? Read More

HMRC considering reforming trusts that allow families to pay less inheritance tax

Hundreds of thousands of taxpayers could be affected by potential reforms of the financial arrangements that allow them to pass on their wealth. Read More