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Is scrapping Inheritance Tax right for the economy? – FT Adviser
In the lead up to the UK’s next General Election, Inheritance Tax (IHT) is once again in the spotlight. Katharine Arthur, Partner and Head of Private Client, reflects on the calls within the Conservative Party to reform or eliminate IHT.
Updating your information on the Register of Overseas Entities
The Register of Overseas Entities came into force in the UK on 1 August 2022 through the Economic Crime (Transparency and Enforcement) Act 2022 (the Act), designed to combat money laundering and tax evasion.
Update: the Economic Crime and Corporate Transparency Bill is now law
The Economic Crime and Corporate Transparency Bill (the Bill) received Royal Assent on 26 October 2023 and has now become law.
Pensions – Inheritance Tax efficient bequests
Most people are aware that pensions are a tax efficient method of saving for retirement. However, fewer know that they can also be a tax efficient way of transferring wealth to a future generation.
Probate Office delays
The latest statistics reveal that the average waiting time for the granting of probate applications has increased from 7-11 weeks up to six months. The process may be slightly quicker when using the online process.
VAT Treatment of Payment Processing Services
‘Target’ decision means payment businesses may not meet the conditions for VAT exemption. The Supreme Court has issued its decision in the “Target Group Ltd (‘Target’) v HMRC” VAT case, which considered whether supplies made by Target qualified for VAT exemption. The Supreme Court found in HMRC’s favour that the conditions for the exemption were […]
What needs to be valued for probate and Inheritance Tax reporting?
The entire estate of someone who has recently died must be valued to complete the probate application and to establish if Inheritance Tax (IHT) is owed. The estate includes property, possessions, and money – basically everything the deceased individual owned, including debts. Therefore an inventory of the estate will need to be carried out.
Probate: who should apply?
A grant of probate gives someone the legal authority to deal with a person’s assets, such as money, investments or property, after they have passed away. Whether or not probate is required will often depend upon the size of a person’s estate or what is in it. Different institutions, such as banks, have different thresholds on the value of assets before they require a grant of probate.
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