Ex-footballers join pension scam victims in HMRC campaign

Campaigners have called for an end to the taxman’s perceived harsh tax collection tactics as victims of financial misconduct recount ‘sleepless nights’ waiting for brown envelopes. Former Premier League footballers joined forces with fellow victims of financial misconduct yesterday to campaign for better treatment from HMRC. Figures including Andy Cole, Michael Thomas, Craig Short and Martin O’Neil marched from the …

Govt stealth tax sees IHT bills hit record £3.9bn

HMRC took in £3.9bn from inheritance in six months to end of September, £400m more than in the same period last year. The government collected a record amount from inheritance tax (IHT) in the six months to the end of September as frozen thresholds mean more estates are being hit by the tax. HM Revenue & Customs (HMRC) took in …

Treasury collects £2.6bn in 13 weeks as IHT receipts rise

Fuelled by record June receipts and rising interest rates The government netted £2.6bn from inheritance tax (IHT) between April and July 2023, which was £0.2bn higher than in the same period a year earlier, latest official statistics show. Figures from HM Revenue & Customs (HMRC) showed that receipts in June 2023 were the highest monthly total on record and could …

Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Figure breaks down at £22m a day for the government’s coffers A total £2bn was raked in by the government in the form of inheritance tax (IHT) between April and June – £0.2bn more than at this time last year according to HM Revenue & Customs (HMRC). Latest HMRC data today (21 July) confirms the figure for June alone is the highest …

HMRC docs threaten ability to inherit pension pots free of income tax

A potential big change made ‘through the back door’ A bundle of complex tax consultations published yesterday contained a potential bombshell for anyone expecting to inherit a pension pot free of income tax, Lane Clark & Peacock (LCP) says. Yesterday (18 July), HM Revenue & Customs launched a consultation on changes to pension taxation that could result in ordinary taxpayers having to …

Rising IHT receipts should be ‘wake-up call’ to take tax advice

‘More good news for the Treasury’ as April nets £0.6bn Inheritance tax (IHT) receipts for April 2023 again crept higher reaching £0.6bn, which is £0.1bn up on the same period last year, latest figures reveal. IHT receipts were £5.3bn in 2020/21 and £6.1bn in 2021/22 demonstrating how “increasingly lucrative” the tax is for the government, according to Just Group. It …