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Planning errors driving up IHT bills


HMRC figures show that the average inheritance tax bill hit £200,000 last year, up from £141,000 five years earlier. The IHT take generated a record £5.4bn, the analysis shows. Financial planning errors, such as failing to complete forms and neglecting tax-free allowances, mean thousands of famil...

CGT take hits £9.2bn


Figures show that the capital gains tax (CGT) take has hit a record level, with the Government taking £9.2bn in 2018/19. This marks an 18% increase on the year before. The Telegraph’s Harry Brennan says much of the increase has been attributed to a “squeeze” on the buy-to-let sector, with exp...

SMEs hit by late payments


Issues related to late payment problems have worsened for 27% of UK SMEs in the last 12 months, according to research conducted by Purbeck Insurance Services. The study also shows that 29% are experiencing worsening cash flow problems and 30% have found that access to finance has become harder....

Think-tank warns over Scottish income tax blow


Think-tank IPPR has warned that Scotland could lose out on just under £1.8bn over the next five years due to weaker income tax growth compared to the rest of the UK. The report, entitled How Productivity Could Deliver Inclusive Growth in Scotland, says: “Despite welcome income tax rises in Scotla...

HMRC urged to rethink TTP wording


The Adjudicator's Office has suggested HMRC should review the wording of Time to Pay (TTP) repayment plans to make it clear to taxpayers exactly how a deal could fall through, with the Revenue able to cancel such deals if new facts come to light that suggest they are no longer appropriate. Figures s...

Tax Watch: Tax gap claim ‘laughable’


Considering HMRC figures which show £35bn in tax has been lost through avoidance, evasion, omission and error, George Turner of Tax Watch notes that it marks the biggest tax gap in cash terms since figures were first published in 2008. Analysing the figures in the Independent, he details how profit...

HMRC: Tax gap at 5.6%


HMRC has revealed that the tax gap for 2017/2018 was 5.6%, meaning the Revenue collected 94.4% of all tax due. The figures show that the tax gap, which shows the difference between the amount of tax that should be paid to HMRC and what is actually paid, has fallen from 7.2% since 2005/2006. The duty...

Government set to tackle late payments


The Government is aiming to deliver measures designed to tackle late and slow payments, Small Business Minister Kelly Tolhurst has announced. She said the proposals would “ensure that small businesses are given the support they need” and bring an end to the “unacceptable culture” of late pay...

Think-tank questions tax pledges


Analysis by the New Economics Foundation (NEF) think-tank suggests tax cuts proposed by Conservative leadership frontrunner Boris Johnson would force up to 100,000 families into poverty. The former Foreign Secretary has said he would look to raise the threshold for the higher rate of income tax from...

Boris pulls back on tax plan


Boris Johnson has backed away from contentious plans for tax cuts for the rich. Speaking in his first TV debate of the Conservative leadership campaign, the former Foreign Secretary said a proposal to raise the thresholds for the top rate of income tax was an "ambition" which was open to "debate". M...

SMEs remain confused about MTD


A survey has found that 11% of SMEs are unaware of new rules on keeping digital tax records. More than one million firms with an annual taxable income of in excess of £85,000 are now legally required to submit VAT returns online. But nearly half of those polled who thought they were compliant were...

Labour’s shock lifetime gifts tax plan


Several papers pick up on news that Labour is considering a "lifetime gifts tax" which would reduce the inheritance tax allowance to £125,000. The Labour-commissioned Land for the Many report claimed the move would raise £9.2bn more than the present system. But the party was accused of planning a...



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