Chancellor hints at death duties reform

Chancellor Sajid Javid has admitted that reforming inheritance tax rules is on his mind - and confirmed that a Budget should take place before the end of the year. Speaking at an event staged by the Institute of Economic Affairs and the Taxpayers' Alliance, Javid was...

HMRC reveals pension allowance breaches

The amount of savers who were taxed for exceeding the pensions annual allowance in 2017/18 is on the increase. Figures published by HMRC showed that 26,550 people had pension contributions that exceeded the £40,000 annual allowance last year - up from 18,500 in...

Estates pay record amount of death duties

A record amount of estates paid inheritance tax in 2016/17, according to government figures. More than 28,100 estates were liable for death duties in 2016/17 - a new high for the number of estates charged. The latest figure represented a 15% rise on the previous...

Inheritance tax rebates linked to falling house prices

Falling house prices around the UK could potentially lead to a rise in claims for inheritance tax rebates, a report has claimed. Inheritance tax is currently charged at 40% on the part of an estate that exceeds the £325,000 threshold. This threshold can be increased...

State ‘should contribute towards funeral costs’

Tax and national insurance contributions (NICs) should be used to contribute towards funeral costs, according to a report. Free healthcare through the NHS and the state pension are among the benefits funded by tax and NICs. Research from SunLife claimed one in six...