There has been a great deal of speculation in relation to potential tax measures that could be announced at the Autumn Statement on 17 November. It has been reported that that the Treasury has been working on a range of options for cutting or abolishing some tax reliefs for the Chancellor, Jeremy Hunt, to consider.… Read More The UK Autumn Statement – will inheritance tax proposals re-surface?
The first STEP Virtual STEP UK Annual Tax Conference was held on 26 June with over 800 people attending online. The day was a radical departure for STEP, with conventional meetings postponed or cancelled due to COVID-19. While it did include some glitches, attendees have the opportunity to catch up on any material they missed,… Read More STEP’s first Virtual UK Annual Tax Conference
HMRC’s Trusts and Estates team met with the Agents Advisory Group and Capital Taxes Liaison Group in May and provided the following updates: Operational update Despite the unique challenges presented by the current COVID-19 situation, inheritance tax and trusts operational areas are currently meeting all key targets and processing post and new accounts within published… Read More Update from HMRC’s Trusts and Estates team
The UK Office of Tax Simplification (OTS) has published its first report of its review into inheritance tax (IHT). The report, in which STEP is widely quoted, finds that the process for completing IHT forms is too complex and old fashioned, and that too many people are having to fill them in unnecessarily. The OTS… Read More OTS report supports STEP’s calls for simplification
Update 13 Nov: Please see the Statutory Instrument timeframe below. Original blog: The UK government has re-introduced proposals to fund the courts service via charging higher probate fees. The proposals emerged late yesterday (5 Nov 18), a week after the budget. While the headline charges are less extortionate than were proposed last year, for an estate… Read More The death tax returns
UPDATE 21/04/2017: the Ministry of Justice has conceded that the new fee regime has been abandoned due to lack of parliamentary time. See more information. Newcastle District Probate Registry has supplied the following FAQs to help practitioners implement the new probate fees. Q. What happens in cases where there is a need for an… Read More New probate fees: FAQ
Imagine a client comes to you looking to reduce the inheritance tax bill on his death. He cannot afford to make outright gifts, and so instead you suggest he sets up a trust for his grandchildren and makes an interest free loan to the trust. The trust will invest in a UK authorised investment fund.… Read More HMRC takes aim at inheritance tax planning