The UK government collected a record £6.7 billion in inheritance tax during the 2022-23 tax year, driven by rising property and asset values and a static tax-free threshold. According to HM Revenue and Customs, 31,500 estates were liable for inheritance tax in 2022-23, an increase of 13% compared to the previous year. The total tax …
Between April and June this year, HMRC issued refunds amounting to nearly £49 million to pensioners who had overpaid taxes on their pension withdrawals. Approximately 13,000 claims were processed during this period, with each individual receiving an average refund of £3,800. The issue of over-taxation arises from the method HMRC uses to calculate tax on …
Chancellor Rachel Reeves is being urged to raise taxes as the UK’s financial “black hole” is now estimated to exceed £50 billion. The left-leaning National Institute of Economic and Social Research (NIESR) has warned that the Chancellor will need to increase taxes to cover this shortfall. The shortfall comprises £41.2 billion in additional spending commitments, …
Ever more families are facing inheritance tax (IHT) bills as frozen thresholds push more estates into liability. HMRC took £1.5 billion in IHT receipts in the first two months of the current tax year, according to its latest data. This is an uptick of just under £100 million on the comparative period last year (a …
Inheritance tax (IHT) receipts have hit another record high according to the latest figures from HM Revenue & Customs (HMRC). HMRC collected £8.2 billion from April 2024 to March 2025, a £750 million increase on last year’s record. Data from HMRC, released on 23 April, revealed IHT receipts continue to soar, with higher receipts during …
There’s just under two months left till the end of the tax year on 5 April. Here are key changes to have in mind, and things you can do to ensure you don’t miss out. The end of the tax year is a predictable annual reset for many financial and taxation-related allowances. Although these are …
Inheritance tax (IHT) is one of the most important considerations for anyone with a significant estate they wish to pass on. But far from a rich person’s tax, every year more families are dragged into paying so-called ‘death duties’ thanks to rising asset prices, inflation and the harmful effect of fiscal drag. Fiscal drag is …
HMRC data shows that 24,828 people brought in the new year by submitting their self-assessment tax returns on January 1st. 38,260 people submitted their returns on New Year’s Eve, with 310 filing their return just before midnight between 11pm and 11.59pm. The festive fun wasn’t confined to New Year celebrations. 4,409 people filed on Christmas …
Blended families are formed when two people live together with children from previous relationships. They are increasingly common in the UK, and can work extremely well. However it is worth considering the estate planning implications. It is possible to accidentally leave family members without any inheritance due to a lack of planning or appropriate legal …
Labour’s new policy on inheritance tax means that more estates could pay inheritance tax (IHT) in future. Whilst there are plenty of legitimate ways to reduce an IHT liability, there’s one which we often forget despite it being very simple. That’s giving money to your loved ones. Although gifting is simple, and might be something …
