Inheritance tax (IHT) is the tax that often wins pole position in surveys of the UK’s most disliked tax. One of the common criticisms of it is that it represents double taxation – you pay tax all your life and then IHT repeats the process at death.
Inheritance tax costs Britons billions of pounds every year yet a significant part of this can be avoided. With property prices rising every year, more and more people will be liable to pay inheritance tax.
Following 2 tumultuous years for Singapore and the world due to Covid 19, he told us that the time has come to turn our eyes to the future and to prepare Singapore’s finances to face the challenges of our collective recovery post Covid and providing for the needs of an aging population.
The UK Chancellor positioned the Budget as heralding “a new age of optimism”, but it is fair to say that hard-pressed taxpayers could be forgiven for thinking otherwise
Many people have misconceptions about their financial situation. Here we look at five financial planning myths:
The UK Government’s levy on estates of the deceased may seem inevitable, but there are ways to reduce or even prevent your loved ones having to pay UK inheritance tax (IHT) on what you leave them.
The latest HMRC statistics for tax receipts show IHT receipts for October 2020, at £570 million were 17% higher than October last year’s £489 million.
Alarm bells will be ringing for many taxpayers and their advisers following the report published by the Office of Tax Simplification (OTS) on 11 November 2020.
It was inevitable that sooner rather than later UK Chancellor of the Exchequer Rishi Sunak would put taxpayers on red alert that taxes will have to rise to pay for the £190billion of support the UK Government has given the economy to steer it through lockdown and beyond.
Many watching the UK Chancellor’s Summer Statement were left with unanswered questions, particularly as there is understandable public concern over how the ever-increasing Government debt is to be repaid.