New guidance has been issued by HMRC regarding the informal arrangements for the taxation of trusts and estates. Essentially from 6/4/2024, trusts and estates with income of all types up to £500 do not pay tax on, or report, that income as it arises. Where income...
Everyone wants to make their fair contribution, but it doesn’t make sense to be OVERpaying. HMRC figures published yesterday show that receipts from IHT are at record levels – £7.1billion in tax year 2022/23, £1 billion more than the previous year. Tax raised by...
You may hear the phrases “Inheritance Tax” and “Capital Gains Tax” but not know the allowances and how these work. The inheritance tax nil rate band has now been frozen at £325,000 and will be until tax year 2027/2028. It has been at this...
Following the successful debate in the House of Commons on 24 January, bereaved co-habitees with dependent children will now be eligible for additional financial support. The Department for Work and Pensions have extended bereavement support payment and Widows Parent...
Following Queen Elizabeth’s death and funeral, attention has now turned to what will happen to her estate and who will inherit it. What does the Queen own? The Queen’s assets can be split into two – those she owned in her own right and those she held in her capacity...
