HMRC have recently indicated that some high earners are failing to report pension growth on tax returns, and could ultimately face huge bills for undeclared pension contributions. When completing annual tax returns, taxpayers are required to declare if they have put money into a pension above the ‘annual allowance’ (currently £40,000 per year), but as […]
The number of estates paying inheritance tax has risen by 15% in recent years, as the UK government’s receipts for the tax climbed to a record £5.4bn. Figures released by HM Revenue & Customs last week showed the number of UK deaths resulting in an IHT charge has been rising steadily since 2009/10 but between […]
In the 2018/2019 tax year HMRC opened investigations into 5,537 inheritance tax returns submitted, according to figures gained from a freedom of information request by wealth managers Quilter. This represents 23% of the 22,000 estates on which inheritance tax was due. This number of investigations is 3.4% higher than in the previous year and 7.8% […]
Unlike the last few, yesterday’s Budget proved quite eventful for private businesses and successful individuals. Magma’s review is focused on those impacts. To read more, click here
Following changes to the rules on accessing pensions, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are looking to raise awareness of pension scams. The FCA and TPR have launched a new ScamSmart advertising campaign targeting pension holders aged 45-65, the group most at risk of pension scams. A YouGov poll found that […]
HMRC has rolled out its tough new strategy on offshore tax compliance. The ‘requirement to correct’ (RTC) imposes a legal requirement on taxpayers to disclose previously undeclared offshore matters; the deadline is 30 September 2018. HMRC’s Wealth units are writing letters to all taxpayers within their units to advise them of this new requirement, with […]
According to a recent survey by Canada Life, over two thirds of those whose estates may be liable for inheritance tax (IHT) are unaware of the threshold for the standard nil rate band of £325,000. More than half of those recently surveyed did not know that all of the following are liable for IHT as […]
A personal representative who transferred a deceased’s estate to a beneficiary who has apparently now vanished to Barbados has been told by the First-Tier Tribunal that he must pay a £341,278 inheritance tax bill that is due from the deceased’s estate. David Nash, Partner and Head of Legal Practice, said “This case is a reminder that […]
IHT receipts hit a new record high of £5.3billion in 2017/18; a 13% increase on the £4.7billion collected in 2016/17. David Nash, Partner said “The continual increase in inheritance tax receipts is down to numerous factors, including the nil rate band being frozen since 2009, increasing residential property prices, and growth in asset values generally. […]
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