HMRC tax revenues from ‘enveloped’ properties up 53%
The UK tax office raised £178m ($223m, €208m) in financial year 2015/16 through taxing British homes owned by companies, data from London and Geneva-based law firm Collyer Bristow suggests.
The UK tax office raised £178m ($223m, €208m) in financial year 2015/16 through taxing British homes owned by companies, data from London and Geneva-based law firm Collyer Bristow suggests.
The approaching tax year-end applies equally to those born in the UK and to foreign expats living there. This year, expats may have even more to consider given the new non-dom rules coming into force from 6 April 2017, warns Old Mutual Wealth’s financial planning expert, Rachael Griffin.
A court ruling against HM Revenue & Customs on a case about inheritance tax (IHT) is unlikely to change the current two-year exemption rule on pension transfers, said Rachael Griffin, financial planning expert at Old Mutual Wealth.
Wealthy British residents over the age of 45 are forgetting or ignoring simple estate planning tools that could help them to pass on more of their estate to their families, according to Canada Life’s annual IHT survey.
The fictional Warrington family faces a death in the family, grapples with lasting powers of attorney and inheritance tax mitigation in the latest case study from Edward Stone, partner at Irwin Mitchell Private Wealth.
Celebrity deaths over the Christmas period and a pending supreme court decision on a key inheritance tax case all highlight the importance of using trusts for estate planning, a leading IHT expert has said.
Non-domiciled investors in UK residential properties held via an offshore corporate structure are being urged to check with their advisers about their Inheritance Tax (IHT) liability after the government published plans to tighten the rules.
Canada Life has enhanced its well-known onshore bond, the Select Account, with the addition of a discounted gift trust (DGT) feature.
International Adviser rounds up the expert views on what to expect ahead of the UK chancellor Philip Hammond’s debut Autumn Statement on Wednesday.
The fictional Warrington family is forced to deal with dividing the estate of patriarch Eric, inheritance tax, and an unexpected claim against the estate in the latest case study from Edward Stone, partner at Irwin Mitchell Private Wealth.
Around 75% of wealthy are unaware of the new ‘residence nil rate band’ inheritance tax allowance (IHT), due to be introduced in April next year, according to research by Canada Life.
Upcoming changes to the tax rules governing non-UK domiciles, set to come into effect in April next year, should be postponed until the “full effects of Brexit” are understood, a leading London-headquartered accountancy firm has urged.