HMRC claim £6.4 billion in Inheritance Tax

HMRC claim £6.4 billion in Inheritance Tax

HMRC inheritance tax receipts have risen nearly £1 billion from the year before taking this to a record £6.4 billion in the financial year 2022 to 2023.

The previous year’s inheritance tax receipts prove that IHT planning is crucial for the keepsake of your family and to protect your estate.  In 2019 to 2020 HMRC IHT receipts were £5.1 billion, 2020 to 2021 were £5.3 billion and 2021 to 2022 were £6.1 billion.  The Treasury’s forecast is estimated to soar by £3 billion over the original forecast between 2022/23 to 2027/28.

The reason for the continued IHT rise is the nil-rate band threshold of £325,000 per person has not changed since April 2009 and remains frozen till at least April 2028.  Generally, a family’s property is the biggest asset a family will own and with inflation rates growing the market value of your family home could rise above the £325,000 threshold leaving you subject to IHT.

If inheritance tax could be a problem for you and your family then please contact Tax Advisory UK to speak with a Chartered Tax Advisor who can advise on what strategy to use to ensure the 40% IHT is saved.

For more information on Inheritance Tax please click here and please contact Tax Advisory UK to discuss your IHT planning immediately.

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How far can a tax investigation go back?

How far can a tax investigation go back?

If you are under a tax investigation from the HMRC you may be wondering how far back in your company accounts the HMRC can look into.  There are a number of factors for HMRC to consider depending on the severity of any tax avoidance or tax evasion.

If the investigation is not as serious then HMRC can go back as far as 6 to 8 years in your accounts to find evidence of any tax fraud.  In the most serious of tax investigations, HMRC could request the company accounts for up to 20 years.  They will also look at overseas assets owned by who they are investigating as well.  Penalties and fines will be issued if HMRC concludes that you have been negligent of any tax fraud.

For detailed information on tax investigations please click:

Tax Investigations

Contact Tax Advisory UK today and we will arrange a meeting with some of the UK’s most qualified and experienced Chartered Tax Advisors to help with your tax investigation enquiries.  Please call 0203 965 3892.

Tax Advisory UK Google Map

Where we are

124 City Road, London, EC1V 2NX

Call

0203 965 3892

Tax Advisory UK

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