In this sponsored article taken from the latest edition of International Investment’s digital publication, Canada Life International’s Neil Jones sets out the case for IHT reform. Click here to read the article or click on the image below.
Inheritance tax in the UK should be scrapped and replaced with a lifetime tax on gifts, according to a commission whose membership includes the Archbishop of Canterbury. Backed by economists, business leaders and trade unions, as well as Justin Welby, the Commission for Economic Justice warns that – a decade after the financial crash – […]
The government collected £1.9bn in inheritance tax receipts in the first four months of the tax year, as thousands are believed to be missing out on tax breaks because of the complexity involved. Information provided to financial advice firm NFU Mutual under the Freedom of Information Act shows a mere 5,420 taxpaying estates successfully claimed […]
Spain’s highest court has ruled a long-standing and controversial Spanish practice of charging non-residents of Spain a higher rate of inheritance tax to be discriminatory and therefore unlawful, potentially setting the stage for those who have paid the higher rate to file claims for refunds, according to reports. The practice isn’t acceptable even if the […]
Plans to simply complex inheritance tax rules within the UK have been welcomed by financial services industry commentators. UK chancellor Philip Hammond has written to the Office of Tax Simplification (OTS) to ask that it looks into overhauling current arrangements to make declaring and paying inheritance tax (IHT) “as smooth as possible”. Hammond (pictured left) described the existing […]
Plans to go ahead with a new “deemed domicile” category for non-domiciled individuals who have been resident in the UK for 15 of the past 20 tax years, or if they were born in the UK with a UK domicile of origin, beginning next April, were confirmed today by UK chancellor Philip Hammond, with the publication of […]