Last month, inflation experienced a decline to 6.7%, a significant drop from the peak of 11.1% in October of the previous year. While this high inflation provided additional tax revenue for the Chancellor, it also resulted in increased government spending on the national debt, which currently stands at £2.5 trillion. In this regard, the Office …
John Stevenson, Conservative MP for Carlisle, is leading the way in advocating for a complete overhaul of the inheritance tax system. As the head of the All-Party Parliamentary Group on Inheritance Tax and Intergenerational Fairness, Stevenson believes that the government should not simply do away with inheritance tax, but rather, reform it to be more …
The Institute for Fiscal Studies (IFS) has outlined various issues with the current tax system, particularly regarding the taxation of wealth. According to the IFS, large capital gains, many of which are based on luck, have contributed to the rise in net household wealth and the growing gap between generations. The IFS believes that housing …
According to David Lesperance, a tax expert specializing in advising wealthy expats, many British expats who have moved to Dubai are not aware of the inheritance tax issue. Lesperance has spoken to dozens of expats who were not informed in advance of this concern. He explains that if an expat residing in Dubai passes away, …
Kieran Bowe, a legal expert from the law firm Russell-Cooke, has brought attention to the growing problem of interest on inheritance tax bills surpassing the income from property portfolios within estates. This has caught many families off guard. Since 2008, interest on inheritance tax had not been a major concern. However, rates have significantly increased, …
In the past eight years, individuals have enjoyed the benefit of inheriting an untaxed pension pot if their loved ones passed away before the age of 75. This meant that the money could be invested, grow over time, and be a source of tax-free income whenever necessary. However, any plans to remove this advantageous pension …
Meanwhile, economists at the Institute of Economic Affairs, a renowned think tank, predict that the number of families affected by the death tax could reach 60,000 by 2033. A comprehensive analysis conducted by BestInvest, commissioned by Telegraph Money, estimates that if the current rate of increase continues, the Treasury stands to gain up to £90 …
Sean McCann, a prominent figure in the wealth management industry from NFU Mutual, expressed his frustration with the complex nature of inheritance tax. He referred to the seven-year rule as just another example of how convoluted the system has become. McCann emphasized that inheritance tax has become a growing concern for families, as the numbers …
John Stevenson, the Conservative MP for Carlisle and leader of the All-Party Parliamentary Group on Inheritance Tax and Intergenerational Fairness, has emphasized the need for a complete overhaul of the inheritance tax system. He argues that instead of abolishing inheritance tax, the government should focus on simplifying it and reducing the rates. Stevenson specifically suggests …
Stamp duty may be widely considered unfair, but readers argue that inheritance tax (IHT) takes the top spot for various reasons. Many readers caution against the ease with which the very wealthy can avoid paying taxes, while the middle classes are burdened with the full 40 percent. Nigel Curtress, one reader, supports the notion that …