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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% […]
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 […]
