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The key point to note is that in light of the changes to reliefs for inheritance tax, individuals should now review their succession planning strategy to ensure that their transfer of weal

From HMRC’s point of view, there are three main ways an individual can be assessed to income tax:

This article explains how a deceased estate is taxed during the administration period.

Without wishing to comment on the accuracy of the general public’s perception of inheritance tax, it is probably fair to say it is widely considered to be an unpopular tax.

LITRG is hearing from more and more people who are unsure about their state pension tax obligations.

Currently, the legislation allows HMRC to assess the second late payment penalty once, when the amount of outstanding tax is paid in full, within a two-year assessment time limit.

In recent years, HMRC have been increasing their use of one to many (OTM) letters in their compliance approach.

HMRC say that Ocelot is more user-friendly for caseworkers, setting out information on a single platform with task-based procedural guidance that is easier to follow than the manual format.

In the June 2024 edition of Tax Adviser, I considered the options for those who will lose the income tax and capital gains tax trust protections from April 2025.

Members may be asked by clients or potential clients to provide advice, guidance and support to enable the person or business to make a disclosure to HMRC.