Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Inheritance Tax

Home/Blog/Inheritance Tax

Inheritance Tax: Intestacy entitlement increased

August 30, 2023Inheritance Tax, Lasting Will & Testaments, Wealth, Wills & ProbateLeave a commentadmin

If an English or Welsh domiciled person dies without leaving a will, the amount that a surviving spouse or civil partner can inherit as a statutory legacy under the intestacy rules has – from 26…

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Take Two on Wealth tax…………

August 15, 2023Inheritance Tax, Tax, WealthLeave a commentadmin

Hard on the heels of May's Sunday Times Rich List, will new proposals for a wealth tax gain any traction? In 2020, a group of economic research bodies set up the Wealth Tax Commission to…

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Increase in number of estates paying IHT

June 27, 2023Inheritance Tax, Lasting Will & Testaments, WealthLeave a commentadmin

The combination of a frozen inheritance tax (IHT) nil rate band and considerably higher property values has pushed more estates into the IHT net. The average IHT bill is now nearly £62,000, with much larger…

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Cohabitation law reforms rejected

December 29, 2022Income Tax, Inheritance TaxLeave a commentadmin

The government has rejected proposals to modernise cohabitation laws in England and Wales, leaving it up to individuals to arrange their financial affairs for partners and dependents. In August, the House of Commons Women and…

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The effects of fiscal drag on your tax position

December 10, 2022High Income Child Benefit Charge, Income Tax, Inheritance Tax, self-assessmentLeave a commentadmin

Fiscal drag is the stealthy way in which governments pull more and more taxpayers into higher tax brackets without the backlash that comes with increased tax rates. This is something taxpayers can probably live with…

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Confused on claiming residence band relief?

September 6, 2022Inheritance Tax, Lasting Will & Testaments, Wealth, Wills & ProbateLeave a commentadmin

Working through inheritance tax (IHT) requirements come at a difficult time. The provisions of the residence nil rate band (RNRB), which can be passed on between deceased spouses and civil partners, has caused some confusion.…

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Setting new taxpayer records

August 14, 2022Employment Tax, High Income Child Benefit Charge, Income Tax, Inheritance Tax, Lasting Will & Testaments, self-assessmentLeave a commentadmin

New data from HMRC reveals there are now over six million people paying higher or additional rate tax in the UK. In recent years, the end of June has been the time for HMRC to…

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Focus on tax year-end planning

February 3, 2022Benefits, Capital Gains Tax, Inheritance Tax, PensionsLeave a commentadmin

With Christmas and New Year behind us, tax year-end planning should now be on your radar. The 2021/22 tax year will end on Tuesday 5 April. This year there is no Spring Budget and Easter…

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Treasury sets aside CGT and IHT change agendas

December 10, 2021Capital Gains Tax, Inheritance Tax, Lasting Will & Testaments, Tax, Wealth, Wills & ProbateLeave a commentadmin

Tax and Administration Maintenance (TAM) Day is a new phenomenon brought in by the Treasury to try and move away from the traditional all-in-one Budget. Following the first ‘Tax Day’ in March, the end of…

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IHT receipts reach £6 billion record

October 19, 2021Inheritance Tax, Lasting Will & TestamentsLeave a commentadmin

The amount of inheritance tax (IHT) collected by HMRC over the past year reached a record £6 billion, some £1 billion more than the previous 12 months. This increase comes as no surprise given booming…

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Recent Posts

  • Finalising tax return figures and filing early
  • Behind the numbers on income tax
  • Abolishing the pensions lifetime allowance
  • Inheritance Tax: Intestacy entitlement increased
  • Agri-tax reliefs set for restrictions

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