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Recent changes to inheritance tax (IHT) have led to a surge in demand for life insurance policies as families seek to safeguard their wealth. Alan Knowles from Cura Insurance has seen a "noticeable increase in inquiries," highlighting the growing concern over IHT liabilities. The IHT threshold of £...
A new online guide from HMRC aims to clarify when individuals must complete a self-assessment tax return, particularly for those earning over £1,000 annually from side hustles. The guidance also highlights that anyone making more than £6,000 from a single item sale may be liable for capital gains...
The chief executive of HMRC has attributed a decline in customer service to a surge in queries from pensioners. Facing questions on HMRC's poor call handling times from the Public Accounts Committee, Sir Jim Harra highlighted that there had been a rise in enquiries from taxpayers owing to frozen thr...
Chancellor Rachel Reeves is intensifying efforts to tackle tax evasion and avoidance, announcing a significant increase in tax investigations. HMRC has opened 93,000 investigations in the last quarter, a notable rise from the average of 78,000. With an additional £1.4bn allocated to hire 5,000 new...
Dan Neidle, a Labour-supporting tax expert, has reversed his stance on the farming tax after digging further into the figures. Initially defending the policy, Neidle's new evidence indicates that the Budget will adversely affect ordinary farmers while failing to target wealthy tax avoiders. He said...
HMRC's late filing penalties reached a five-year high of £220m in 2022-23, affecting many low-income individuals unaware of new filing requirements....
The Treasury is projected to collect £300m more than anticipated from inheritance tax this year, raising concerns about the Government's approach to taxing farms, pensions, and businesses. According to the Office for Budget Responsibility (OBR), death duty receipts could reach £8.6bn, surpassing p...
The recent changes to inheritance tax introduced by Chancellor Rachel Reeves have raised concerns among families, with experts warning of potential legal battles over estates. Solicitors and tax specialists have indicated that the new rules could lead to significant disparities in tax liabilities am...
HMRC paid out almost £1m to those making tip-offs over tax fraud in 2023/24, with this the highest rate in seven years and 92% up on the £508,500 paid out the year before. Analysis by Price Bailey shows that HMRC received 151,763 anonymous tip-offs in 2023/24, with this down on the 157,270 reports...
The Chancellor has been accused of "negligence" for implementing changes to inheritance tax that could severely impact family farms. Campaigners argue that Labour's introduction of a £1m cap on agricultural property relief was made without a proper impact assessment. A Treasury source says an offic...
Amid an ongoing debate about the Government's inheritance tax changes, which have drawn criticism from concerned farmers, Deputy Prime Minister Angela Rayner has refused to rule out further tax increases, insisting that “the vast majority of estate owners will be totally unaffected.” She said: "...
Farmers are continuing to voice their anger over the Government's proposed inheritance tax changes, which they describe as "vindictive." Tom Bradshaw, president of the National Farmers' Union (NFU), has labelled Labour's plan to impose a 20% inheritance tax on farms valued over £1m as "horrific." T...
