The Office of Tax Simplification (OTS) has conducted an extensive review of capital gains tax and has now published its findings and recommendations. The OTS is an independent adviser to the Government on the UK tax system; its role to offer recommendations and advice on making the UK tax system simpler. In July 2020 the […]
“If at first you don’t succeed, try and try again!” – one of those great motivational quotes, never more appropriate than when dealing with HMRC. Over the years, across our 25+ strong tax team, we have had a great deal of success in handling enquiries, disputes, or drawn out investigations with HMRC. The most recent […]
HM Revenue & Customs (HMRC) will no longer accept payment of inheritance tax (IHT) by cheque, and will not issue repayments by cheque any longer. The change in approach has been prompted by coronavirus but appears to be a permanent change. In order to receive a repayment, payee details must be sent to HMRC in […]
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The use of Family Investment Companies (FIC) has come under investigation by a small ‘secret’ HMRC team known as the FICs Unit. The unit was launched in April 2019, with the purpose of investigating the use of family investment companies by the very wealthy to avoid paying inheritance tax. A FIC can be used as […]
If you are in the process of completing your 2018-2019 self-assessment tax return over the next few days (deadline Friday 31 January), don’t forget to declare your pension contributions. Taxpayers routinely omit vital pensions data from their tax returns, forfeiting valuable tax relief or underpaying tax. Higher-rate taxpayers are most likely to miss out. If […]
Around one in four taxable estates face investigations over their inheritance (IHT) payments as HMRC increases anti-avoidance activity. Over 5,000 IHT investigations were opened by HMRC in the 2018/19 tax year, representing nearly 25% of the 22,000 estates liable for inheritance tax over the period. Last year, the Office of Tax Simplification (OTS) called for […]
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% […]
