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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Chancellor calls for Inheritance Tax review to make regime “fit for purpose” - March 23, 2018
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The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to undertake a review of the Inheritance Tax (IHT) system to ensure that it meets the needs of modern households. In a letter to the OTS, an independent branch of the Treasury, Mr Hammond said that the current system is “particularly complex” and … Continue reading Chancellor calls for Inheritance Tax review to make regime “fit for purpose”


Only a third of EIS taken up by companies outside London - March 23, 2018
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New data from HM Revenue & Customs (HMRC) shows that businesses in London and the South East account for 66 per cent of the Enterprise Investment Schemes (EIS) uptake. Despite accounting for 62 per cent of the UK economy, businesses outside London and the South-East only account for £610 million out of nearly £1.9 billion … Continue reading Only a third of EIS taken up by companies outside London


Does Nesquik attract VAT? It depends on the flavour, Revenue says - March 23, 2018
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An apparently counterintuitive judgement was handed down last month by the Upper Tier Tribunal as it ruled VAT should be applied to the strawberry and banana flavours of Nesquik milk powder, but not to the chocolate equivalent. The case arose after Nestlé, the manufacturer of the powders made a repayment claim to HM Revenue & … Continue reading Does Nesquik attract VAT? It depends on the flavour, Revenue says


SMEs invest three working weeks a year on tax compliance - March 23, 2018
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A new study, prepared by the Federation of Small Businesses (FSB), has found that the UK’s average small business spends nearly three working weeks every 12 months complying with tax rules. This costs SMEs around £5,000 a year on average, according to the survey of 1,000 small businesses. Of the challenges they face, around half … Continue reading SMEs invest three working weeks a year on tax compliance


Survey reveals majority of people confused by IHT and ISAs - March 21, 2018
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New research has revealed that the majority of people do not understand the rules which govern Inheritance Tax (IHT) and ISAs in England and Wales. According to a survey recently featured in Moneywise magazine, there is ‘widespread confusion’, with more than half (54 per cent) of British adults admitting they unsure whether IHT is payable … Continue reading Survey reveals majority of people confused by IHT and ISAs


Spring Statement 2018 - March 13, 2018
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By the time Chancellor Philip Hammond rose to his feet in the House of Commons to deliver the first Spring Statement, he had already offered plenty of hints that this would be a low-key affair. Gone was the primetime Wednesday slot after Prime Minister’s Questions, gone was the trailing of policy announcements in the days … Continue reading Spring Statement 2018


Inheritance Tax – not making a Will could land your next of kin with a hefty bill - February 26, 2018
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Inheritance Tax (IHT) payments are expected to reach record levels with the latest figures predicting that the Government will received £900 million more than they had originally predicted. However, there are a number of ways that you can plan ahead in order to reduce the burden of IHT payable on your estate when you are … Continue reading Inheritance Tax – not making a Will could land your next of kin with a hefty bill


Excuses, excuses: HMRC reveals top late tax return apologies - February 26, 2018
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HM Revenue & Customs (HMRC) has once again revealed the worst excuses that taxpayers have given them for failing to meet the 31 January Self-Assessment (SA) deadline. Whilst there are sometimes reasonable excuses for a late submission, such as a serious illness, disability or a serious mental health condition that makes a person incapable of … Continue reading Excuses, excuses: HMRC reveals top late tax return apologies


Millennials set for ‘inheritance boom’… but not until the 2030s - February 26, 2018
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A new report from think-tank, the Resolution Foundation, predicts that so-called ‘millennials’, those aged between 17 and 35, will receive the biggest inheritance of any post-war generation from their baby boomer parents and grandparents. The think-tank estimates that the average value of inheritances will more than double over the next two decades, peaking in 2035. … Continue reading Millennials set for ‘inheritance boom’… but not until the 2030s


Value of estates set to double over the next 20 years - January 30, 2018
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The current younger generation are set to receive the biggest ‘inheritance boom’ of any post-war generation, but will have to wait until they are approaching retirement to benefit from the windfall, according to a new study. Independent think tank, the Resolution Foundation, has estimated that so-called ‘millennials’ are set to benefit from a significant increase … Continue reading Value of estates set to double over the next 20 years


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