Technical Papers - Risk Assured

Risk Assured continually produce technical papers to maintain competence and currency.

Our technical papers cover a range of relevant topics and each can be downloaded by clicking on any subject of interest.

Technical papers are provided for general consideration: action should not be taken, nor refrained from, based on these papers: professional advice must always be sought.

Ministry of Justice provide explanation for England and Wales probate reform failure

The causes of the England and Wales Probate Service’s severe delays following its reformation into a digital service in 2020, and actions taken to improve the situation.

Business Property Relief and Agricultural Property relief changes from the Autumn Budget

The latest news on the current status of the previously announced changes to IHT Business Property Relief and Agricultural Property Relief.

New life expectancy figures

The Office for National Statistics has updated its life expectancy calculations. For pensioners, the new life expectancy projections are not great news.

Home loan IHT avoidance scheme succeeds on appeal

A recent tax case in which the use of a home loan scheme to avoid inheritance tax (IHT) on a property was found to be valid by the Upper Tax Tribunal.

IHT receipts were up for April 2024 to January 2025

Details of IHT receipts for January 2025, the year to date and the last twelve months.

Estate planning matters January 2025

This is the second edition of Estate Planning Matters, designed to provide an insight into topical tax planning issues linked to writing life policies in trust. A number of the proposals made in Labour’s first Budget on 30 October 2024 affect inheritance tax and estate planning. These proposals will inevitably create higher inheritance tax liabilities on death and mean that more people will wish to make lifetime gifts. This will create a greater demand for writing life policies in trust to provide funds to meet inheritance tax on a person’s death

Normal expenditure out of income exemption

An outline of normal expenditure out of income exemption in respect of IHT planning.

Agricultural and business relief proposals - further details on costings

The Office for Budget Responsibility (OBR)’s costings on the reform of agricultural and business IHT reliefs.

IHT receipts were up for April to December 2024

Details of IHT receipts for December 2024, the year to date and the last twelve months.

Impact of non-dom taxation changes

Non-dom taxation changes and the reported increase in “millionaire emigration”.

Will formalities, typical content and practical effect

How and why make a valid Will.

IHT receipts were up for April to November 2024

Details of IHT receipts for November 2024, the year to date and the last twelve months.

Errors in certain IHT100 forms

Forms IHT100c and IHT100d, the errors and what action to take.

Film partnerships - a recent tax case won by the taxpayers

A tax avoidance case in which a film partnership was found to never have been trading, so the anti-avoidance provision did not apply.

Will can be overridden by oral agreement to transfer shares on death - EWHC

An England and Wales High Court (EWHC) case in which it was decided that an oral agreement among shareholders regarding the transfer of shares on death is capable of being valid and binding. The agreement can not only supersede the terms of a company's articles but may also override the terms of the donor's will.

IFS: Inheritance tax and farms

The Institute for Fiscal Studies (IFS) has published an article commenting on the Autumn Budget 2024 changes to inheritance tax (IHT) reliefs for agricultural and business assets.

IHT receipts were up for April to October 2024

Details of IHT receipts for October 2024, the year to date and the last twelve months.

Agricultural Property Relief and Business Property Relief changes and the impact on farmers

Agricultural Property Relief and Business Property Relief changes.

IHT business and agricultural property relief - an overview of the Autumn Budget reforms

The reforms to agricultural property relief and business property relief announced in the Autumn Budget. Additional detail and some further thoughts.

Changes to the taxation of non-UK domiciled individuals - inheritance tax

The detail of the reforms to the taxation of non-UK domiciled individuals as set out in the technical guide published alongside the Autumn Budget. We look at the inheritance tax impact for long-term resident individuals and settlors of excluded property trusts. This is the first of a series of three papers examining the reforms.

Pensions and IHT - all change from 6 April 2027

The October 2024 Budget announced that most pensions funds will be brought into the estate for inheritance tax purposes from 6 April 2027.

Accompanying deceased to Swiss clinic does not amount to assisting suicide

A recent case in which the England and Wales High Court have ruled that a widower is to be allowed to inherit the residue of his late wife's estate even though he admitted assisting her death by suicide at a clinic in Switzerland.

September inflation numbers

The UK CPI inflation rate for September 2024, which was 1.7%, down 0.5% from August.

The Resolution Foundation view on the Budget

The Resolution Foundation has followed the Institute for Fiscal Studies in looking forwards to this month’s Budget.

The Institute for Fiscal Studies Green Budget 2024

The Institute for Fiscal Studies (IFS) detailed Green Budget, looking forwards to this month’s Budget, which the IFS has once again joined with Citi to publish a detailed Green Budget, looking forwards to this month’s Budget.

Government borrowing, debt definitions and gilt yields

The questions of how much the Government can borrow and what it will cost, which have arrived in the headlines from different directions.

Recent court ruling allows an express trust to be superseded by an unwritten constructive trust

Potential for express trusts to be superseded by unwritten constructive trusts.

IHT receipts were up for April to August 2024

Details of IHT receipts for August 2024, the year to date and the last twelve months.

August's Government borrowing figures

August borrowing numbers, which were higher than expected by the market and the OBR.

England and Wales High Court rule litigation costs must be kept separate from 1975 Act awards

A recent case in which the England and Wales High Court have ruled that litigation costs in disputes under the Inheritance (Provision for Family and Dependants) Act 1975 should be dealt with separately from substantive awards.

Another think tank paper

The Institute for Public Policy Research (IPPR) paper, which adds its ideas to the long list for Rachel Reeves to consider for her 30 October Budget.

Capital taxation and tax-exempt heritage assets - updated guidance

Buildings, land, works of art and other objects that qualify under the Conditional Exemption Tax Incentive Scheme are exempt from IHT and CGT as long as certain conditions are met.

Renewed calls for a wealth tax

Proposals for a wealth tax, which have re-emerged.

IHT receipts were up for April to July 2024

Details of IHT receipts for July 2024, the year to date and the last twelve months.

July's Government borrowing figures

The July borrowing numbers, which were higher than expected by the market and the Office for Budget Responsibility (OBR). They are not what Rachel Reeves would have wanted as she contemplates her Autumn Budget, but in line with what her 'Spending Inheritance' review indicated.

EWHC allow son to remain as trust beneficiary despite paternity dispute

The meaning of the term 'children' in a trust deed. The England and Wales High court have rejected a claimant’s attempt to have his brother removed as beneficiary of a family trust after a dispute over paternity.

IHT receipts still on the rise

IHT - new annual HMRC statistics published for 2021/22.

What 30 October might deliver: part 2

The second part of our look at what the day before Halloween might deliver in terms of tax and other changes.

What 30 October might deliver: part 1

Following the discovery of a £22bn black hole, Rachel Reeves warned of ‘difficult decisions to meet our fiscal rules across spending, welfare and tax’. What might the day before Halloween entail?

Changes to the taxation of non-UK domiciled individuals from April 2025 - the Government's initial plans

The new Government's plans for the replacement of the non-dom tax rules with a new residence-based regime. Further details will be provided at the 30 October Budget.

IHT receipts were up for June 2024

Details of IHT receipts to June 2024.

Demos review of IHT

The Demos review of IHT, which compares it with its OECD counterparts and proposes revenue-raising reforms.

IHT receipts were up for May 2024

Details of IHT receipts for May 2024.

Pension transfers by those in ill health and inheritance tax calculations

Pension transfers and ill health. Quantifying the transfer of value for IHT purposes for those who die within two years of the transfer. How life expectancy at the date of transfer considerably affects the calculation of the loss to the estate.

New data on non-doms

HMRC's fresh data on the non-UK domiciled population and their tax payments.

May's Government Borrowing Figures

May borrowing numbers were much as expected by the market but had the unfortunate side effect of raising the debt/GDP ratio to just 0.2% short of the round 100%, its highest level since 1961.

Emigration and CGT

Key CGT planning points for those leaving the country and those considering leaving the country to save tax.

May inflation numbers

The UK CPI inflation rate for the May 2023 was 2.0%, 0.3% down from April and back on target for the first time since July 2021.

Labour's post-election budget

Now that the Labour Party manifesto has been published, what it does not include can give us clues about Rachel Reeves' first Budget.

The Finance (No.2) Act 2024 and some outstanding tax announcements

The Spring Finance Act 2024, the Finance (No.2) Act 2024, which was hurriedly passed into law just before Parliament was prorogued. However, there was not time for Parliament to deal with some changes announced at the Spring 2024 Budget.

Taxation of trusts reform

Effect on UK trust taxation of the reform being implemented since 2003.

IHT receipts were up for April 2024

Details of IHT receipts for April 2024.

STEP: Isle of Man considers change of policy on family offices

The Manx financial regulator is beginning a consultation exercise to determine whether to impose registration and oversight requirements on family offices for ultra-high-net-worth (UHNW) families.

US inflation - no surprise for the markets

After three consecutive misses, the US inflation data met market expectations for April.

Taxation of policy proceeds - cover on shareholding directors

Taxation of the sum assured - personal and corporate policies.

IHT receipts were up overall for the year to March 2024

Details of IHT receipts for March 2024, and for the 2023/24 tax year.

Introduction to partnership succession - problems and solutions

How to ensure that the continuing partners can continue the partnership and the family is compensated.

Automatic accrual arrangements

Practical and tax considerations of automatic accrual.

March inflation numbers

The UK CPI inflation rate for the March 2024, which was 3.2%, 0.2% down from February.

Definition of keyperson cover, and positioning cover with businesses

Keyperson cover and how to position it with businesses.

Transfer of benefits to the employee during their lifetime - cover on non-shareholding employees

Tax treatment on assignment of the policy or payment of the proceeds to the employee.

Transfer of assets abroad - new rules for transfers by companies

The transfer of assets abroad legislation.

IHT helpline - an update from HMRC

HMRCs inheritance tax helpline.

Providing for inheritance tax (IHT) on death through life assurance – the basics

How a life assurance policy can be used to insure against the possibility of an IHT liability and what type of policy is appropriate.

Probate fee increase

The standard probate fee, which will be raised by £27 to £300 in May 2024.

Upper Tax Tribunal reject protective costs order in appeal against £400k inheritance tax charge

A case in which the Upper Tax Tribunal rejected the estate executors' request for a protective costs order in their appeal against a £400k inheritance tax (IHT) charge on the estate, due to arrangements entered into by Mr Peter Linington in 2010 to reduce the amount of IHT that would be payable on his death.

IHT receipts increased in February, and are up overall for the year to date

Details of IHT receipts for February 2024, the tax year to date and for the last 12 months.

The Bank of England continues to pause

The Bank of England has copied last night’s move by the US Federal Reserve and left interest rates unchanged.

Woodlands relief

Conditions woodlands for relief.

US interest rates - the fed stays put for a fifth consecutive meeting

For the fifth consecutive meeting, the US Federal Reserve has held the Fed Funds rate unchanged. However, what mattered was not the rate announcement, but the accompanying ‘dot plot’.

Close companies and IHT

Inheritance tax and close companies.

February inflation numbers

The UK CPI inflation rate for February 2023, which was 3.4%, down 0.6% from January.

IHT agricultural property relief changes

The Government’s response to last year’s consultation seeking views on the taxation of ecosystem service markets, and the potential expansion of agricultural property relief (APR).

APR and woodlands relief restricted to UK land only

Restrictions to the scope of agricultural property relief (APR) and woodlands relief from inheritance tax to property in the UK from 6 April 2024.

Cryptoassets - new consultation

HMRC’s consultation on the UK implementation of the OECD Cryptoasset Reporting Framework and amendments to the Common Reporting Standard, seeking views on extension to domestic reporting.

Gift hold-over relief

Key features and conditions for gift hold-over relief.

Trust Registration Service changes announced in new anti-money laundering consultation

HM Treasury’s consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. Here we focus on the Trust Registration Service changes.

Share purchase on critical illness/disability

The choice: double and single option agreements.

Funding the purchase of company shares or a share in a partnership - life policies, etc.

Choice of life policy to fund the purchase of company shares or a share in a partnership.

Business trusts - key considerations

Why use a business trust and key provisions.

The tax implications of share purchase

Tax implications of share purchase chronologically.

Option agreements

The effect of double and single option agreements.

Institute for Fiscal Studies pre-Budget review

The Institute for Fiscal Studies paper looking ahead to the Budget and Mr Hunt’s minimal room for manoeuvre.

The Resolution Foundation view on the Budget

The Resolution Foundation’s ideas of what might be in the Budget, under the heading ‘Tax cuts today, spending cuts tomorrow?’

IHT receipts reduced slightly in January, but are still up overall for the year to date

Details of IHT receipts for January 2024, the tax year to date and for the last 12 months.

Variation of trusts and trust busting

How to change the terms of a trust, rectify a mistake in a trust deed or terminate a trust.

Typical trust administrative clauses

Extending/overriding statutory and common law provisions.

How life policies can ease the probate problem

Life insurance can meet any potential inheritance tax liability on death and speed up the process of obtaining probate.

Trustee Act 2000 - key provisions

The statutory provisions.

Trustees' powers over income and capital

The usual key dispositive powers of trustees: power to accumulate income and advance capital.

The ability to remotely witness a Will has ended

The relaxation of the requirement for Will attestation, allowing for remote witnessing, which ended on 31 January 2024.

New life expectancy figures released

A new report suggests that the State Pension Age may need to rise to 71 by 2050.

Central Banks continue their pauses

Interest rates. The Bank of England has copied the US and Eurozone central banks and left interest rates unchanged.

IHT receipts increased slightly in December

Details of IHT receipts for December 2023.

Liability to pay IHT

The liability for IHT and payment dates.

December's Government borrowing figures

As he heads towards the 6 March Budget, December’s monthly government finance numbers gave the Chancellor more wriggle room than November’s data suggested.

2023 inflation numbers

2023 inflation figures. Inflation fell sharply in 2023, but it is hard to give the Government much credit for the drop.

IHT and applying for probate - an update from HMRC

Applying for probate in England and Wales.

December inflation numbers

The UK CPI inflation rate for December 2023, which was 4.0% - an unexpected rise of 0.1% from November.

England and Wales probate delays - Government update

The latest position on delays to the probate service.

New life expectancy figures releases

The latest Office for National Statistics life expectancy calculations.

Family investment companies (FICs)

Corporate investment by SMEs and FICs as a trust alternative in IHT planning and as a potentially tax effective home for investment.

Trust law reform in Scotland - an update

The Trusts and Succession (Scotland) Act to shortly come into force.

The FTSE 100 has a big birthday

The FTSE 100, which turned 40 years old on 3 January 2024.

The FTSE 100 takes its turn for a relatively disappointing year

The FTSE 100, which ended the year up 3.8%, significantly lagging most developed market indices.

IHT receipts reduce slightly in November

Details of IHT receipts for November 2023.

Resolution's 'Ending Stagnation' report: the tax aspects

The tax proposals in the Resolution Foundation’s report, ‘Ending Stagnation’, which had both Jeremy Hunt and Rachel Reeves at its launch day.

A guide to inheritance tax computations

Calculating the amount of inheritance tax payable.

IHT receipts carry on increasing

Details of IHT receipts for October 2023.

Second thoughts on the October inflation numbers

CPI inflation rate has halved in 2023, but that is not the end of the story.

Inheritance tax - potential reform or abolition?

The chances of IHT abolition or reform.

October inflation numbers

The UK CPI inflation rate for October 2023, which fell sharply to 4.6%.

Joint life first death policies

An extract from correspondence in 2004 with HMRC on the subject of joint life first death policies. The principles discovered still hold good.

The Bank of England continues the pauses

The Bank of England has copied the US, Japanese and Eurozone central banks and left interest rates unchanged.

Planning with owner-occupied property - relevant case law

Important case law relating to the uses of owner-occupied property in estate planning.

IHT receipts carry on increasing

Details of IHT receipts for September 2023.

Film partnerships - a recent tax case

A tax avoidance case in which a film partnership was found not to be trading, as it had no view to making a profit.

The England and Wales High Court (EWHC) rejects claim based on mutual wills but allows it on grounds of proprietary estoppel

An EWHC case, in which, whilst it rejected a will challenge made by two brothers on the basis of mutual wills allegedly made by their parents, it allowed the claim on the alternative ground of proprietary estoppel.

TRS guidance update - registrable estates and property held on behalf of minors

HMRC’s updated TRS guidance on registrable estates and property that is held on behalf of minor children.

Tax and the Labour Manifesto

The Independent says the Labour Manifesto will not announce any tax changes beyond those already revealed.

Tax and the shadow chancellor: take two

The Times has reported on a list of potential tax increases being considered by the Shadow Chancellor, Rachel Reeves.

Inheritance Tax abolition or reform?

Saturday’s Financial Times headlined rumours that the Conservatives were flirting with the abolition or phasing out of inheritance tax. Four days later, the Institute for Fiscal Studies set out the case for reform.

Liberal Democrats and tax

With its party conference over, what do we now know about LibDem tax policy?

Where next for interest rates?

The OECD has recently published its September Economic Outlook. Its views on inflation and interest rates in 2024 are worth noting.

August's Government borrowing figures

August’s monthly Government borrowing figures, which were marginally better than had been expected.

IHT receipts carry on increasing

Details of IHT receipts for August 2023.

Details of IHT receipts for August 2023.

Details of IHT receipts for August 2023.

US interest rates - another skip

For the second time since January 2022, the US Federal Reserve has paused its increases in the Fed Funds rate.

IHT for pensions schemes: special rules

The three common sets of circumstances in which a special inheritance tax (IHT) charge can arise in relation to a member’s interest in a registered pension scheme because of action taken by a pension scheme member during their lifetime.

Pension death benefits: inheritance tax

Inheritance tax (IHT) legislative position and when it may apply to lump sums paid from pension schemes.

IHT reporting requirements for lifetime transfers

The reporting requirements for chargeable lifetime transfers and IHT chargeable events.

IHT receipts carry on increasing

Details of IHT receipts for July 2023 and statistics on the performance of IHT up to 2020/21 .

IHT and Payment Protection Insurance (PPI)

IHT, Payment Protection Insurance (PPI) and the Plevin rule.

Ten-year yields: the end of an era?

Why ten-year yields have returned to the levels of long ago.

Business relief

Conditions for business relief.

Shah v HMRC: the court's approach to the domicile status of long-term UK residents

The considerations that the courts will take into account when determining an individual’s domicile status under general law. This case provides a useful reminder.

IHT interest rates - latest update

Updated interest rates for inheritance tax (IHT), published by HMRC.

Tax and the next election

What we know so far about the future tax plans of the two main parties, which is not a lot...yet.

Bank of England Money and Credit - June 2023

The Bank of England (BoE)’s latest Money and Credit Statistical Release to the end of June 2023.

IHT planning tips: Business Relief and Discretionary Will Trusts

How using business relief qualifying investments can offer inheritance tax benefits.

Home loan IHT avoidance scheme narrowly escapes double tax charge

HMRC has defeated an attempt by the executors of Mrs Elborne to avoid inheritance tax (IHT) through a 'home loan' scheme but failed to persuade the First-tier Tax Tribunal (FTT) to impose a double IHT charge on the estate as a result of the scheme.

House price growth moves further into negative territory

Nationwide’s latest monthly house price index shows property values were down 3.8% year-on-year in July – slipping back further from the fall of 3.5% in June. This was the weakest outturn since July 2009.

HMRC guidance on digital formats and electronic signatures

HMRC’s requirements on keeping records in digital formats and using electronic signatures.

IHT receipts hit a record high

Details of tax receipts for June 2023.

APR and woodlands relief restricted to UK land only

As announced at Spring Budget 2023, as a result of Brexit, the government is restricting the scope of agricultural property relief (APR) and woodlands relief from inheritance tax to property in the UK from 6 April 2024.

US interest rates - the Fed adds another 0.25%

US Rates hit a 22 year high.

Potentially exempt transfers

The tax treatment of potentially exempt transfers.

Description of IHT exemptions available.

June inflation numbers

The UK CPI inflation rate for the June 2023 fell from 8.7% to 7.9%.

Options for IHT planning where clients own buy to let properties + a case study

Where clients have built up a substantial number of buy-to-let (BTL) properties over the years what are the options for inheritance tax (IHT) planning?

Two year yields tell a story

Wednesday’s sale of two year gilts bodes ill for the Treasury.

Why a Fintech loyalty card scheme amounts to tax avoidance

Information about a business-to-business (BTB) loyalty card, which offers 80% cashback but hides a flawed tax avoidance scheme that could cost clients dearly.

IHT interest rates - latest update

Updated interest rates for inheritance tax (IHT), published by HMRC.

Survivorship and commorientes

Special provisions where individuals die at the same time or within a short time of each other.

Relevant Life Policies - what you need to know

By reading this brief guide you will be up to date with the latest regulatory position on relevant life policies, their fundamentals. and planning opportunities.

Resolution Foundation reform ideas

The Resolution Foundation has put forward proposals for a modest tax reform. There are some aspects which could appeal to Rachel Reeves.

Testator's intentions are key to interpretation of general revocation clauses, rules EWCA

The England and Wales Court of Appeal (EWCA) has ruled that a revocation clause in a Will made by Hartar Sangha in 2016 revoked his 2007 Will in full, rather than simply the portion dealing with his assets in India.

The latest UK tax gap figures

According to the latest figures published by HMRC, the UK tax gap is estimated to be £35.8bn in 2021/22, up from £30.8bn in 2020/21.

Relevant life policy - overview

An overview of relevant life policies.

Questions and answers on relevant life policies

Relevant life policies can only be effected by employers for their employees. The employer must therefore apply for the policy. The employer can be a limited company, partnership, LLP or a sole trader.

The statutory conditions for a relevant life policy

The legislation in relation to relevant life policies.

HMRC increases late payment and repayment interest rates

Following the latest increase in the base rate recently announced by the Bank of England, HMRC has published changes to payment and repayment interest rates.

IHT receipts rise

HMRC has published details of tax receipts for May 2023.

Foreign aspects of IHT

The relevance of domicile, situs of assets and double tax relief for IHT.

Preparing for the new tax year basis - overlap relief

The transitional year of basis period reform is now underway. It will be important to ensure that any available overlap relief is used. However, getting hold of information about overlap relief may be tricky.

Temporary closure of HMRC self-assessment helpline - where to get help

HMRC is currently redirecting self-assessment queries from its helpline to its digital services. The Association of Taxation Technicians has published some useful advice on how an individual can get support from HMRC with their personal tax affairs in the meantime.

The scope of LPAs in England and Wales

The Office of the Public Guardian for England and Wales has brought an application to the England and Wales Court of Protection asking for judgments on nine consolidated cases. The cases raise issues relating to the scope and extent of lasting powers of attorney (LPAs).

A Will witnessed through the car window was valid

In a recent case, the judge declared that witnessing a Will through a car window was perfectly acceptable and he also considered the guidance for determining testator’s capacity.

Discretionary and accumulation and maintenance trusts - a quick guide

Key characteristics of discretionary and accumulation and maintenance trusts explained.

Yields higher than the mini-Budget?

Media reports that gilt yields are now higher than in the wake of last year’s ill-fated mini-Budget are misleading.

A case study on lifetime gifting - interaction between the transferable nil rate band and taper relief

An explanation of how lifetime gifts affect the availability of any transferable nil rate band and the application of taper relief.

Dividend diversion scheme does not work

HMRC has warned that a school fees tax avoidance scheme does not work, warning promoters that they must disclose a scheme within five days of it being available.

Deed made by couple after divorce removed their testamentary freedom

A deed executed by a couple promising to make Wills leaving their family business to their two children has been held legally binding by the England and Wales High Court.

SAYE - bonus rate changes

HMRC has updated its mechanism for calculating the bonus rates for SAYE participants. The mechanism will apply from 18 August 2023 and is expected to result in a bonus being provided to new participants for the first time since 2014.

Gilt yields - the Truss redux?

Gilt yields are now almost back to their ‘moron premium’ peak of 2022.

The venture capital market - new statistics

The latest statistics relating to the Enterprise Investment Scheme, Seed Enterprise Investment Scheme and Social Investment Tax Relief scheme have been published.

IHT receipts continue to rise

HMRC has published details of tax receipts for April 2023.

Some basic IHT planning points

With the nil rate band frozen at £325,000, are your clients taking advantage of the inheritance tax planning options available to them?

April inflation numbers

As widely forecast, the UK CPI inflation rate for the April 2023 fell sharply, leaving behind the double-digit level it had maintained since last September. However, it was not all good news.

Higher rate taxpayer numbers

The Institute for Fiscal Studies has carried out some more number crunching on the growth in higher rate (and above) taxpayers.

HMRC increases late payment and repayment interest rates, again

Following the latest increase in the base rate recently announced by the Bank of England, HMRC has published changes to payment and repayment interest rates.

Case study - do you know the consequences and potential problems of paying life policy premiums?

Where premiums are not exempt, what is the impact on the client’s inheritance tax position?

The US Federal Reserve has increased the Fed Funds rate

The US Federal Reserve increased the Fed Funds rate by 0.25% to 5.00%-5.25%.

Quantitative tightening - an interesting exchange of letters

The Governor of the Bank of England and the Chancellor have exchanged letters about the move from quantitative easing to quantitative tightening. The timing suggests that neither party wanted their correspondence to receive much coverage.

IHT receipts rise sharply again

HMRC has published details of tax receipts for April 2022 to March 2023.

Taxing gains made by non-UK residents on UK property or land - a further update regarding collective investment vehicles

Non-UK residents are subject to capital gains tax on direct or indirect disposals of UK property or land. HMRC has recently updated its guidance about indirect disposals involving 'connected persons' and collective investment vehicles.

Hamptons: Re-writing the rules

The London estate agency Hamptons has published a report entitled “Re-writing the rules” which is looking at the changes in the rental market since the introduction of buy-to-let mortgages in the 1990s.

“Airbnb” owners will have to pay VAT on rentals across EU

Any owners of overseas property who rent out their foreign houses and apartments on third party platforms from 2025 will be caught by the rules, regardless of where they are resident.

EWHC rejects man's accusation that his mother forged his father's Will

The claims by a son against his 92-year-old mother that she forged her husband’s signature on his Will made in 2000 are rejected by the England and Wales High Court.

March inflation numbers

The UK CPI inflation rate for March 2023 did not move as the pundits predicted: instead of falling below 10%, it dropped half as much as expected to 10.1%.

UK Government plans costs orders to enforce family dispute mediation in England and Wales

The Ministry of Justice has launched a consultation on measures to help couples in England and Wales resolve private family disputes earlier through mediation.

IHT interest rates - latest update

HMRC has published updated interest rates for inheritance tax.

Inheritance tax and the order of gifting - a case study

Inheritance tax planning and trust planning can be very complex. However its essential that you understand the implication of making gifts and in what order they should be made.

The Bank of England follows the Fed

The Bank of England has joined the Federal Reserve and European Central with its eleventh consecutive increase in interest rates.

IHT receipts rise sharply again

HMRC has published details of tax receipts for April 2022 to February 2023.

The official rate of interest to increase

The official rate of interest will increase to 2.25% for 2023/24.

IHT agricultural property relief

The Government is seeking views on the taxation of ecosystem service markets, and the potential expansion of agricultural property relief, including explanations of where decisions about land use change have, and have not, been influenced by the current scope of agricultural property relief.

Inheritance tax - agricultural property relief

Conditions for relief.

Son overturns parent's 25-year-old mutual Will on grounds of brother's undue influence

The England and Wales High Court has ordered the rescinding of mutual Wills made by a Dr and Mrs Naidoo in November 1998, leaving each spouse's residuary estate, if the other spouse did not survive them, to their son David Barton.

After a start to the year which saw global bond yields fall, they have returned again to around the highs of last November.

First annual decline in annual house price growth since June 2020

Nationwide’s latest monthly house price index shows property values fell by 1.1% in February, the first annual decline since June 2020 and the weakest since November 2012.

Damages claim for 13-year-old IHT advice is not time-barred

The England and Wales High Court has ruled that a damages claim for negligent tax advice given by a law firm in September 2009 is not time-barred and can proceed.

IHT receipts rise sharply

HMRC has published details of tax receipts for April 2022 to January 2023.

Children gifted £14bn a year by parents

The Institute for Fiscal Studies (IFS) has issued a report, funded by the IFS Retirement Savings Consortium and the Economic and Social Research Council, entitled: “Who gives wealth transfers to whom and when? Patterns in the giving and receiving of lifetime gifts and loans.”

'Digitally excluded' trustees - TRS update

HMRC has updated their guidance on what happens if a trustee is 'digitally excluded'.

Partnership share purchase - commerciality and premium equalisation

How to achieve commerciality by equalising premium payments.

January inflation numbers

The UK CPI inflation rate for the January 2023 was 10.1%, 0.4% down from December.

IHT interest rates - latest update

HMRC has published updated interest rates for inheritance tax.

HMRC increases late payment and repayment interest rates, again

Following the latest increase in the base rate recently announced by the Bank of England, HMRC has published changes to payment and repayment interest rates.

February begins with bank rate rises

The Federal Reserve, Bank of England and European Central Bank have all increased interest rates, to nobody’s surprise.

Funding the purchase of company shares or a share in a partnership - life policies, etc.

Choice of life policy to fund the purchase.

Basic IHT planning points

With the nil rate band frozen at £325,000, are your clients taking advantage of the inheritance tax planning options available to them?

IHT receipts rise again

HMRC has published details of tax receipts for April to December 2022.

Share purchase on death

Component parts of a share purchase plan.

A mythical £5.7bn of revenue

The House of Commons Treasury Committee has provided a reminder of a £5.7bn questionable assumption in the OBR’s forecasts for 2023/24 tax revenue.

Transparency of beneficial ownership

Recent developments including the 2022 CJEU decision and the subsequent statement from the EU Council clarifying their approach to the rules on access to the registers of beneficial owners.

December inflation numbers

The UK CPI inflation rate for the December 2022 was 10.5%, 0.2% down from November.

IHT implications of life policy trusts where the settlor cannot benefit

Excluding business trusts, reversionary trusts, carve-out trusts and any special inheritance trusts.

Business trusts

What they are and key provisions.

IHT interest rates - latest update

HMRC has published updated interest rates for inheritance tax.

A view of the markets since the start of 2020

A three-year view shows that many equity market yardsticks are not far off where they began this decade.

CGT on UK property - HMRC update

Taxpayers who have sold a property, which was not their main residence, must file a capital gains tax return within 60 days of completion if a chargeable gain arises. HMRC has provided an update on recent changes to its paper return, and further guidance about when there is an ‘initial overpayment’.

OTS report on hybrid and distance working

In this report, the OTS talked to a wide range of businesses and others to consider the challenges and complexities that have arisen for employers and employees following the changes in working practices in the wake of the pandemic.

Tax advantages of a gift to dying spouse

In a Tax Bite from Forbes Dawson they have put forward an interesting tax planning strategy.

IHT receipts rise again

HMRC has published details of tax receipts for April to November 2022.

Institute for Fiscal Studies on death, taxes and pensions

The Institute for Fiscal Studies has published a new report highly critical of the treatment of pension death benefits.

Taxation of policy proceeds - cover on shareholding directors

Taxation of the sum assured - personal and corporate policies

Consequences of a wrong appointment from a pre-22 March 2006 flexible trust

In Hopes v Burton [2022] EWHC 2770 (Ch) the Court agreed to set aside two deeds of appointment thus saving the trustees a potential tax liability of over £400,000.

IHT receipts rise again

HMRC has published details of tax receipts for April to October 2022.

Tax treatment of the sale and purchase of own company shares - revenue or capital transaction

General principles of the tax treatment of the purchase.

Pension options on divorce

In 2021, there were 113,505 divorces in England & Wales, an increase of 9.6% from 2020, when there were 103,592 divorces.

Annual Tax on Enveloped Dwellings

2023/24 charges for the annual tax on enveloped dwellings.

Autumn Statement Client Newsletter

In this Newsletter we look at the impact of the tax and spending proposals announced by Mr Hunt and offer a refresher of what remains from Mr Kwarteng’s ill-fated ‘fiscal event’ and other relevant announcements made by his predecessors.

IHT interest rates - updated

HMRC has published updated interest rates for inheritance tax.

Inheritance tax and the order of gifting

Inheritance tax planning and trust planning can be very complex. However its essential that you understand the implication of making gifts and in what order they should be made.

Life expectancy gap in London as high as 17 years

Shocking figures reveal health gap between rich and poor in the capital.

10.1 percent inflation breakdown

Inflation returned to its highest level in 40 years in September, but not all prices are rising by 10% a year.

Divorce advice considerations

The need for financial advice during the divorce process given the different outcomes achieved by offsetting earmarking and sharing.

Intestacy in England and Wales - a guide

The key provisions.

Will trusts, types, investments and advantages

Everything you need to know about Will Trusts.

Will formalities, typical content and practical effect

How and why make a valid Will.

Tax relief on gifts to charities

Outline of the income tax, capital gains tax and inheritance tax reliefs

IHT rate reduction through charitable legacies

The rules for securing a 10% reduction in the IHT rate provided a charitable legacy of at least 10% of the estate is made on death.

Proposed reform to allow IHT-exempt transfers between siblings

A private members bill, starting in the House of Lords, has been introduced to amend the Inheritance Tax Act 1984 to make transfers between siblings exempt from inheritance tax (IHT) in certain situations.

Your browser is out of date!

Update your browser to view this website correctly. Update my browser now

This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customise your browsing experience and for analytics and metrics about our visitors both on this website and other media. To find out more about the cookies we use, see our Privacy Policy.