Long read
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Advisers are helping to make the most of IHT allowances
Written by Dave Harris, CEO at later life lender, more2life Inheritance Tax (IHT) is complicated. It’s not necessarily the tax itself, but…
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Rathbones reports surge in IHT queries and shares ‘lesser known’ strategies to reduce liability
Financial planners at Rathbones, have reported a surge in client queries about estate planning amid concerns of possible changes to the inheritance tax…
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High earners face £7k extra tax if thresholds freeze extends to 2030
High earners could face paying more than £7,000 in extra income tax if the Chancellor, in the upcoming Budget, extends the current…
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Industry experts react to HMRC’s latest IHT figures
This morning’s HMRC update reveals a notable rise in Inheritance Tax (IHT) receipts, which reached £3.1 billion during the first four months…
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Potential tax changes could reshape UK property market, warns legal expert
In response to reports that the Government may remove Principal Private Residence Relief for homes worth over £1.5 million in the next…
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Accountants and financial advisers’ clients struggle with tax bills
Accountants and financial advisers are increasingly seeing clients struggling to pay tax bills with the average bill they are struggling to pay…
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Costs of privately schooling next generation set to nearly double
With A-level results out yesterday, Weatherbys Private Bank’s annual school fees study reveals the impact of VAT and inflation on private school…
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Spectre of inheritance tax sees grandparents’ wills changed after death to skip a generation
As the government seeks to balance the books, even the modestly well-off fear hefty inheritance tax bills. This is driving many to…
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Rachel Reeves’ rumoured crackdown on gifting in order to increase IHT
The value of “gifts out of surplus income” rose 177% to £144 million in the 2023/24 tax year*, up from £52 million…
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4 in 5 advisers spending more time discussing implications of IHT on pensions
Incoming inheritance tax liability (IHT) on pensions is forcing change in how financial advisers spend their time and what they discuss with…
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Rumoured lifetime gifting cap risks stifling intergenerational support and adding complexity to tax system
With many rumours circulating in the national media around the implementation of a cap on lifetime gifting, first reported by the Guardian, Rachael Griffin, tax and financial…
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Surge in delays in HMRC alternative dispute resolution creating uncertainty for taxpayers
The number of Alternative Dispute Resolution (ADR) cases exceeding HM Revenue & Custom’s (HMRC) four-month resolution target has more than doubled over…
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Dividend tax squeeze to hit record 3.7 million people
New HMRC figures obtained by Quilter through a Freedom of Information request reveal the full extent of the dividend tax squeeze facing…
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Tax rises are coming — and UK asset holders must act now
The question is no longer if taxes will rise in the UK, but how quickly and how sharply, warns the CEO of…
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Number of savers paying tax on interest quadruples as frozen allowances bite
The number of people paying tax on their savings income is set to quadruple in just four years, according to new data…
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Total cost of pension tax and NI relief passes £50bn…but Reeves faces public sector firestorm if she targets another retirement raid
The total net cost of pension tax and National Insurance Contributions relief hit £52.5 billion in 2023/24, up marginally from £50.1 billion…
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IHT stats highlight how fiscal drag continues to swell tax receipts
HMRC’s latest inheritance tax (IHT) statistics for the 2022/23 tax year reveal a significant £710 million increase in liabilities compared to the…
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Number of estates liable to inheritance tax rises by 13% ahead of ‘seismic’ reforms due next year
New figures released by HMRC today show that the number of estates liable to pay inheritance tax rose by 13% in 22-23 vs the…
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More estates face inheritance tax as liabilities Jump 12%, industry professionals share their views
Annual Inheritance Tax liability statistics from HM Revenue and Customs today revealed that in the tax year 2022 to 2023: Based on…
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Number of reclaims for overpaid tax on pensions breaks half a million barrier – “how much longer will this go on?” asks Steve Webb
New figures published today by HMRC reveal that the total number of claims for overpaid tax on pension withdrawals has now gone…
