tax

Can I transfer some of my estate to my wife to reduce the inheritance tax our children will pay?

A certain amount of your estate can be passed on inheritance tax-free; this allowance is called the ‘nil-rate band’ and is currently £325,000.

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Can I take from my five pension pots separately or must I amalgamate them?

There is no single answer to this, as each one may be treated differently, according to the type of policy and the pension provider.

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One month to declare offshore income before HMRC doubles your tax bill

If you own a holiday home and have forgotten to declare income earned from the property, the time is ripe to get in touch with HM Revenue and Customs (HMRC).

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“Huge discrepancy” in HMRC tax repayment rate

HMRC has been accused of treating taxpayers unfairly after it increased the interest rate charged to late taxpayers whilst its own repayment rate has remained frozen.

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I’m 65 and employed. If I draw on my pension I must pay 40% tax. Why?

You will have received tax relief on the contributions made to your pension pot over the years, and in addition to this, under the pension freedom rules that were introduced in April 2015, you are able to withdraw up to 25%...

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Easy ways to cut your inheritance tax bill

If you hate the idea of HMRC receiving a large chunk of your estate when you die, read these expert tips on how to reduce your ‘death tax’ bill or, better still, leave your heirs with no tax to pay. 

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More than two-thirds of Brits support 'wealth tax' to fund social care

More than two-thirds of Brits think a wealth tax that pays towards the cost of social care should be introduced, a new poll has revealed.

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HMRC repays £334m in overpaid tax since pension freedoms launch

HMRC has repaid £334 million in overpaid tax to over-55s since the introduction of the pension freedoms in April 2015.

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Inheritance tax revenue breaks £5 billion barrier for the first time

Inheritance tax revenue has exceeded the £5 billion barrier for the first time, with bereaved families stumping up £5.228 billion in the last tax year (2017/18) – 8% more than the previous year.

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Sharp rise in taxpayer challenges to HMRC

The Inland Revenue faces a 36% increase in judicial reviews over unfair tax demands.

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