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 …
Marriage might be an unlikely winner from Chancellor Rachel Reeves’ controversial first budget. Whilst there have been no changes to inheritance tax allowances, more assets, most notably unspent pension funds on death, will be included in estates for inheritance tax purposes in future. This means that unmarried couples who might not have seen the value …
Cuts to interest rates are a key financial news theme in 2024 and we don’t expect that to change in 2025. Many central banks across the world are looking to reduce interest rates as inflation figures slowly return to normal. It is often heralded as great news for mortgage borrowers, but what about investors? Financial …
For a tax return, particularly for those with complex financial affairs, having comprehensive and accurate data is crucial. Here is a list of the most important information and documents you will need: Personal Information National Insurance Number: Your unique identifier for tax and benefits purposes. Unique Taxpayer Reference (UTR): Your personal tax reference number. Personal …
