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Inheritance Tax

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Inheritance Tax
Laura Fontaine

General Principles of Tax Avoidance

STOP PRESS: Finance Act 2021 (FA 2021) contains a number of measures, taking effect from Royal Assent on 10 June 2021, to take further action against those who promote and market tax avoidance schemes. These include strengthening information powers for HMRC’s existing regime to tackle enablers of tax avoidance schemes,  enabling HMRC to act promptly

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Inheritance Tax Gifts
Inheritance Tax
Laura Fontaine

Inheritance tax: Rules on gifts to loved ones should be simplified

Fewer people should have to pay tax on gifts given just before death, under proposals for a major overhaul of the inheritance tax system. At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40% must be paid. The Office of Tax Simplification

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Prince
Inheritance Tax
Laura Fontaine

Executors undervalued Prince’s estate by $80m, IRS says

A Bit of News from the USA. Executors undervalued Prince’s estate by $80m, IRS saysIRS believes Prince’s estate owes another $32.4m in federal taxStar’s death in 2016 created complicated court proceedingAssociated Press in MinneapolisMon 4 Jan 2021 09.14 ESTShare on FacebookShare on TwitterShare via EmailThe controversy over the money left behind by Prince when he

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4-in-10-people-Brits-fear-a-raid-on-their-inheritance-to-pay-for-Coronavirus
Inheritance Tax
Laura Fontaine

Brits fear a raid on their inheritance to pay for Coronavirus

Exclusive research reveals: Brits fear a raid on their inheritance to pay for Coronavirus Four in 10 people fear the Government will increase the current 40 per cent Inheritance Tax (IHT) rate to help cover the cost of the Covid-19 pandemic. The findings, from research by Tower Street Finance among 2,000 UK adults, revealed more

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Inheritance Tax
Inheritance Tax
Laura Fontaine

HMRC warns of potential probate delays caused by IHT400

HMRC warns of potential probate delays caused by IHT400HM Revenue and Customs (HMRC) is advising executors and administrators not to submit their grant of probate or administration too early, as it could cause delays due to an issue matching up IHT400 and IHT421 forms. Inheritance Tax IHT400 When should you apply for a grant of

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Inheritance Tax
Laura Fontaine

Hutchings v HMRC

This case is a strong reminder to anyone considering Do It Yourself probate. You are obliged to make the fullest inquiries possible about the estate. In particular about lifetime gifts made by the deceased before submitting the Inheritance Tax account. HMRC is taking a hardline approach to non-disclosure of lifetime gifts. Mostly because these gifts

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