Inheritance Tax

Farmer wins inheritance tax case against HMRC

Farmer wins inheritance tax case against HMRC

22nd May 2013

The HMRC have failed to overturn the decision of the First-Tier Tax Tribunal which held that a farmhouse and farm land do not have to be in the same legal... Read more

HMRC targets tax evasion in NI restaurant trade

14th May 2013

Her Majesty's Revenue and Customs (HMRC) has set up a special task-force to target tax evasion in the Northern Ireland restaurant trade. A significant sum of money has been made available... Read more

Children fail to revoke Will leaving £6.7m to charity

2nd May 2013

The four children of multi-millionaire Alfred Stewart have failed in their bid to revoke his Will leaving almost all of his £6.7million estate to charity, and nothing to them. The children... Read more

Tax fraud prosecutions double as HMRC gets tough

26th April 2013

The aggressive approach taken by the HMRC to tax evasion and tax fraud over the past couple of years has seemingly paid off, as prosecutions relating to tax fraud are... Read more

2013 Budget tax announcements at a glance

20th March 2013

Chancellor George Osborne has today delivered the 2013 Budget. Here are some of the key points in respect of tax: Income Tax From April 2013 the personal allowance will increase to £9,440 By... Read more

First list of tax dodgers published by HMRC

21st February 2013

The HM Revenue and Customs (HMRC) has published a list of 'deliberate tax defaulters' for the first time, in a week when there has been talk of adopting a name... Read more

Call to name and shame tax avoiders

19th February 2013

The Commons public accounts committee is calling on the government to adopt a 'name and shame' approach to tax avoiders in Northern Ireland and the rest of the UK. Over the... Read more

'Labour gov would bring back 10p tax rate'

14th February 2013

Ed Miliband has announced that if Labour are returned to government they will bring back the 10p starting rate of tax. It was actually the Labour party, led by Gordon Brown,... Read more

New Years resolutions more finance orientated

31st December 2012

The past couple of years have seen a change to the most popular New Years resolutions made by people in Northern Ireland and the rest of the UK. While dieting, exercise... Read more

More people living to 100 alters inheritance plans

19th December 2012

A new report by the Office for National Statistics shows that more people in England and Wales are living beyond 100 years, raising more questions on the affect of an... Read more

Chancellor's Autumn statement: Tax summary

5th December 2012

Chancellor George Osborne announced the government view on the UK economy and its future plans in his Autumn Statement today. In particular, there were a number of tax changes outlined,... Read more

Younger retirees less inclined to leave inheritance

22nd October 2012

People approaching retirement would appear to have a different attitude to leaving an inheritance to those who are already retired, according to research by Just Retirement. Older retirees are more inclined... Read more

Case update - Daughter inheritance used for cats

16th October 2012

Marlene Howes, aged 67, has been cleared of charges of benefit fraud, after the court accepted that the £84,000 inheritance she received from her Mum was spent entirely on cats. Mrs... Read more

Software used to recoup £26m inheritance tax

17th September 2012

Her Majesty’s Revenue and Customs has been able to recoup over £26million of unpaid inheritance tax, thanks to complex software that cross references personal financial information from different sources. The "Connect... Read more

Clegg proposes emergency 'wealth tax'

29th August 2012

Deputy prime minister Nick Clegg has proposed an emergency tax on the wealthiest people living in Northern Ireland and the rest of the UK for a limited period of time. Mr... Read more

Fewer and smaller inheritances to be left

23rd August 2012

One in three people living in Northern Ireland and the rest of the UK will probably not receive any kind of inheritance, and for those that will, the average inheritance... Read more

HMRC to send out 50,000 penalty letters

16th August 2012

Half a million people who failed to submit their tax returns for 2010/11 before the deadline will receive penalty letters this week. The introduction of higher penalties in April 2011 has... Read more

Investment risks farmland IHT exemption

9th August 2012

The increasing practice of investors purchasing farming land to avoid inheritance tax could result in the IHT exemption on farmland being removed altogether by HMRC. In some areas farmers are finding... Read more

Tax evasion informants payments on the rise

2nd August 2012

HMRC has paid out over £1m to tax informants in Northern Ireland and the UK over the last number of years to informants providing information on anyone evading tax.  These... Read more

Farmers work beyond retirement to lower IHT

18th July 2012

Farmers in Northern Ireland and throughout the UK are often working well beyond retirement age in order to avoid increased inheritance tax (IHT) liabilities that can be imposed in respect... Read more

Falling house prices result in IHT rebates

28th May 2012

Thousands of people may be entitled to an inheritance tax rebate as a result of falling house prices. Inheritance tax (IHT) is calculated using the value of the property at... Read more

Bad inheritance tax planning costs Brits £450m a year

27th April 2012

New research carried out by Unbiased.co.uk suggests that £450million a year could be saved in Britain if inheritance tax planning was improved. The research looked at life insurance policies in particular,... Read more

Peer proposes charging inheritance tax to beneficiary

4th January 2012

Opposition Treasury spokesman Lord Eatwell has proposed charging inheritance tax to recipients of legacies, rather on the estate of the deceased. The proposal was made during a speech in the House... Read more

More estates liable for IHT after allowance changes

9th December 2011

New legislation introduced as part of the Finance Bill 2012 provides that inheritance tax and capital gains tax-free allowances will rise in line with the lower consumer prices index (CPI),... Read more

Benefits cheat hid £50k inheritance

11th July 2011

A woman has been given a suspended jail sentence for fraudulently claiming £15,000 in benefits despite having received an inheritance amount of approximately £53,000 by her late father. The court... Read more

HMRC inheritance tax focus on property valuations

6th June 2011

The HM Revenue & Customs (HMRC) last year raised an extra £70million in inheritance tax by challenging property valuations made in the estates of deceased people. UHY Hacker Young say... Read more

Poor inheritance tax planning will cost UK £1billion

20th April 2011

Research carried out by Unbiased.co.uk has predicted that UK taxpayers will waste approximately £1.3billion in inheritance tax this year as a result of poor tax planning. Behind tax credits, inheritance tax... Read more

Parents resist inheritance for children fearing divorce

7th March 2011

New research by Rensburg Sheppards suggests that a third of parents are concerned about leaving an inheritance of money to children who are married, fearing that they might get divorced... Read more

Half of all adults have received pre-inheritance

1st March 2011

A new survey has revealed that 46 per cent of all adults in Britain have received a sum of money from their parents known as a 'pre-inheritance' - essentially, receiving... Read more

Early Inheritance tax planning now essential

22nd February 2011

Tax expert Bob Fraser of the Wealth adviser firm Towry says that Inheritance tax planning has become so complex that anyone wanting to minimise the amount they will be liable... Read more

Inheritance tax relief could be abolished

17th December 2010

The recently created Office of Tax Simplification (OTS) has spend the last weeks picking through the hundreds of different tax reliefs and exemptions that exist under the current UK tax... Read more

Pensioners avoid inheritance tax by keeping mortgages

19th November 2010

According to Lewis Hymanson Small, there is a growing trend among wealthy pensioners of deliberately maintaining a mortgage in order to avoid paying inheritance tax. A mortgage counts as debt... Read more

Government to reform pension annuities

21st July 2010

The government has launched a consultation period to consider the removal of the requirement to annuitise at the age of 75. In his Emergency Budget speech last month, Chancellor George... Read more

Tory candidates call for immediate inheritance tax cut

26th February 2010

6 in 10 Tory candidates say they want their party to implement an increase in the inheritance tax threshold to £1 million as soon as possible if they should win... Read more

Inheritance tax threshold frozen in pre-Budget report

11th December 2009

Despite previous plans to raise the Inheritance Tax (IHT) threshold to £350,000, the Chancellor, Alistair Darling, announced in his pre-Budget report that it will be frozen at £325,000 for individuals... Read more

Inheritance tax interest rate rise 'no surprise'

20th August 2009

The news that bereaved families will have to pay three per cent interest on late payments of inheritance tax from next month is no surprise, according to one commentator.Alex Pegley,... Read more

Adults 'not clear on inheritance tax'

23rd June 2009

New research has revealed that adults in the UK and Northern Ireland are not sure of rules around inheritance tax issues.The study by independent financial advice firm Pryce Warner International... Read more

Billions wasted through poor IHT planning

12th May 2009

Consumers in Northern Ireland and the rest of the UK are wasting billions of pounds on unnecessary inheritance tax (IHT) payments, new figures from consumer website unbiast.co.uk show.Some 2.2 billion... Read more

Consumers urged to reduce their own tax burden

16th April 2009

Consumers in Northern Ireland and the rest of the UK have been advised not to wait for budget handouts, but to take financial improvement action by contacting an independent financial... Read more

Do not walk a 'tight rope' with IHT planning, consumers advised

24th March 2009

People neglecting inheritance tax (IHT) planning on the assumption that the tax may be abolished if a Conservative government takes over are "walking a financial tight rope", it has been... Read more

Britons 'naive' about inheritance tax

18th March 2009

Many British people do not have a good enough understanding of inheritance tax and are failing to make the most of potential tax savings on their estates, it has been... Read more

IHT not the preserve of the rich

27th January 2009

Inheritance tax (IHT) is not solely the preserve of the rich as many people mistakenly think and so too is writing a will, a financial services company has said.This is... Read more

New inheritance tax bill to be introduced

14th July 2008

Lord Lester of Herne Hill is to introduce an inheritance tax bill intended to protect the rights of those who live together but who are not married or in civil... Read more

Labour MP blames lack of support for failure of inheritance tax amendment

9th July 2008

A Labour MP's proposal that siblings should be entitled to the same inheritance tax break as a married couple has been discarded.The Guardian reports that Frank Field's suggested amendment to... Read more

Moves to change sibling inheritance rules

30th June 2008

Cohabiting siblings in Northern Ireland may soon receive the same rights as married and civil partnership couples regarding inheritance tax.An amendment has been proposed to the finance bill by Labour... Read more

NI businesses 'should seek advice' on succession

24th June 2008

A succession plan is essential when a parent wishes to split a family business between heirs, reports Karen E Klein in the LA Times.Northern Ireland firms should consider Ms Klein's... Read more

Trusts a 'great opportunity' for lessening inheritance tax

3rd June 2008

Well-planned trusts can prove a "very effective way" to reduce inheritance tax liabilities and ensure that as much of your wealth as possible is passed onto the next generation, according... Read more

Families of injured soldiers 'could be IHT exempt'

27th May 2008

The families of soldiers and other armed personnel injured in the line of duty are being advised to keep copies of their medical records as they could be exempt from... Read more

Care home financial advice 'essential'

14th May 2008

Taking financial advice about retirement and care home provision is "essential", Saga has claimed.The magazine, insurance and holidays provider for the over-50s, has welcomed Gordon Brown's review on social care... Read more

Consumers 'seeking more financial advice'

12th May 2008

The credit crunch has increased the number of people looking for financial advice, according to Unbiased.co.uk. Figures released by the independent website show that the number of people asking for... Read more

Inheritances twice 1997 level

8th May 2008

More people are liable to inheritance tax (IHT) bills as the average value of an inherited estate has risen to more than twice its 1997 level, according to a new... Read more

IHT problems for unmarried couples

7th May 2008

Co-habiting couples who are not married or in civil partnerships are not entitled to the same inheritance tax (IHT) benefits as those who are, a firm of independent financial advisors... Read more

'Most successful companies being driven abroad'

6th May 2008

The government's tax policies are driving the best companies abroad to take advantage of more favourable tax rates, the Telegraph reports.Despite their previous "reputation for economic competence", the government's current... Read more

Sisters lose out in inheritance tax battle

30th April 2008

A pair of co-habiting elderly sisters has been told by the European court of human rights they have not been discriminated against under UK inheritance tax (IHT) regulations.The sisters had... Read more

Rich list shows region's increasing wealth

28th April 2008

The Sunday Times Rich List has shown that Northern Ireland's wealthy have risen in fortune to £10.7 billion.The Belfast Telegraph reports that the province saw one of the largest increases... Read more

'Removing emotive aspects important in estate planning'

23rd April 2008

Ensuring that children are well-prepared for inheritance and what will happen to your estate when you die is as important as considering tax implications, according to Ian Driscoll in the... Read more

Farmland inheritance tax regulations 'could mean the end of family farms'

18th April 2008

Family farms in Northern Ireland are under threat from changes in the inheritance tax (IHT) system which may mean informally-let farmland is liable to the tax, it has been claimed.Belfast... Read more

Inheritance tax regulations left Body Shop creator's inheritance at 'nil'

17th April 2008

Body shop owner Anita Roddick gave nothing to her children in her will before her untimely death at age 64. Instead of leaving an estimated £51 million estate to her... Read more

NI consumers 'need more advice on IHT'

10th April 2008

Most independent financial advisors believe that their clients do not understand the full effects of inheritance tax (IHT) on their estates, according to a Close Investments survey.In a survey of... Read more

IHT 'less of a concern'

2nd April 2008

Most people "need not worry about inheritance tax" (IHT) because couples are now allowed to pool their inheritance tax allowances, according to a newspaper.British publication the Mirror claims that as... Read more

Tax advice 'could save £9.3 billion' in UK

25th March 2008

Solicitors in Northern Ireland could help save consumers thousands of pounds each on unnecessary inheritance tax (IHT), according to new research.Unbiased.co.uk has found that the UK's "tax waste mountain" will... Read more

IHT 'generous' to small businesses

18th February 2008

Solicitors in Belfast and Northern Ireland are often asked to write up wills for small business owners indicating that the family firm will be left to another member.As solicitors will... Read more

Government to produce Taxpayers' Charter

11th January 2008

After solicitors in Belfast and Northern Ireland have seen many clients complaining that they don't understand their tax obligations and tax forms, the government has announced a new Taxpayers' Charter... Read more

IHT planning 'should start early'

9th January 2008

Inheritance Tax (IHT) need not be a burden and though it is advisable to start planning early, it is never too late to begin, financial advisers have said.For homeowners in... Read more

Darling pledges inheritance tax cut

10th October 2007

Chancellor Alistair Darling has announced that inheritance tax will be cut in his first pre-Budget Report.Solicitors in Northern Ireland may see more clients looking to buy houses as the inheritance... Read more

Tories offer inheritance tax change

5th October 2007

The Conservative Party has announced it would cut inheritance tax costs for millions of people across Britain and Northern Ireland by increasing the threshold to £1 million.Shadow chancellor George Osborne... Read more

Sisters 'treated worse than lesbians'

10th September 2007

Two sisters are taking an inheritance tax claim to the European court of human rights, claiming that the law in Britain and Northern Ireland offers them worse protection than if... Read more

Accountants face greater regulation

30th July 2007

Accountancy services in Britain and Northern Ireland will face greater regulation from December 15th 2007.Companies offering accountancy, tax, audit and insolvency services will be forced to undergo monitoring for compliance... Read more

Brits 'wasting money' in inheritance tax

5th April 2007

It has been claimed that people across Britain and Northern Ireland are wasting a combined total of £1.5 billion in inheritance tax.Figures released by Unbiased.co.uk have suggested that people could... Read more

HMRC confirm IHT will not hit children's trusts

27th March 2007

Solicitors and insurers have welcomed ultimate confirmation from HM Revenue & Customs (HMRC) that gifts in trusts left to minors will not be subject to inheritance tax (IHT) charges.Convoluted changes... Read more

IHT threshold increase receives lukewarm welcome

22nd March 2007

Chancellor Gordon Brown's budget on Wednesday included the announcement that the inheritance tax (IHT) threshold will increase from £285,000 to £300,000 in 2007-2008 with further incremental increases with the target... Read more

Brown 'could reform inheritance tax'

21st March 2007

It has been suggested that Gordon Brown could begin a complete overhaul of the inheritance tax system if he becomes prime minister.It is widely predicted that Mr Brown's 2007 Budget... Read more

Concern over tax inspector incentives

16th March 2007

Concerns have been raised over new plans that could see tax inspectors across Great Britain and Northern Ireland receive incentives for finding further taxable funds.Under proposals from HM Revenue and... Read more

Gifts to friends and family, not the government

8th March 2007

Inheritance tax (IHT) now affects more people in Britain and Northern Ireland due to booming property prices in recent years, with ten million properties currently liable for 40 per cent... Read more

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