More recent posts
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HMRC investigates 1 in 4 inheritance tax returns
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.…
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Budget 2018
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
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Beware of pension scams
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…
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HMRC has rolled out its tough new strategy on offshore tax compliance
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…
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Do you know the inheritance tax limits?
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…
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Personal representative liable for inheritance tax due
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…
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Inheritance tax (IHT) revenues hit record high
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…
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Important Information for Trustees – does your Trust need to be registered by 5 March?
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017; these Regulations bring the EU’s Fourth…
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Autumn Budget 2017 – the review for private businesses
As always, this Budget speech was a dry affair, with macro-economic statistics, policy spending and crystal ball forecasting in high order. Magma’s Budget review concentrates on its impact…