HMRC have just updated their guidance “what to do when someone dies”. This is a step by step checklist, which allows you to make sure you have not missed anything. The list includes: Registering the death; Arranging the funeral; Telling the Government about the...
The Office of Tax Simplification (OTS) have issued this month the results of a review of Inheritance Tax which was requested by the Chancellor in January 2018. Their initial findings released in November 2018 determined that around 5% of all Estates each year are...
With property values going up and more ways to save tax efficiently, the value of Estates continue to grow. Lambert Chapman’s top tips for cutting Inheritance Tax (IHT) are: Make Tax Exempt Gifts Pay £250 to anyone under the Small Gifts Exemption and Up to £3,000 in...
Did you follow the herd at the turn of the decade and incorporate your sole trade or partnership? The aim at the time was to reduce risk and increase security against creditors, which would still be true today. In addition, the Entrepreneur’s Relief Capital Gains Tax...
Recently HM Revenue & Customs were tasked by the Government to undertake a review of Inheritance Tax (IHT) reliefs and exemptions. Their findings were not unexpected. Many individuals who were included in the discussions had little or no awareness of IHT reliefs...
