HMRC have published their latest statistics on Inheritance Tax (IHT), showing that receipts reached record levels in 2022-23. This was despite less than 5% of estates paying IHT, and the value of Agricultural Property Relief (APR) and Business Property Relief (BPR) claims increasing by 24% and 17% respectively.
HMRC have issued a warning to taxpayers to be vigilant of tax agents offering to secure Stamp Duty Land Tax (SDLT) repayments on certain property purchases.
The Chartered Institute of Taxation (CIOT) has announced that HMRC intend to run a digital campaign aimed at highlighting problems with private use adjustments in respect of business expenses reported via Self Assessment returns.
Missed our SME Tax Updates in June? Here is a summary of the month.
Hello,
It has been another busy week in tax, with news of HMRC cutting back on Corporation Tax letters, an update on the recovery of Winter Fuel Payments through the tax system and more AI hallucinations. This time, three made-up cases were cited by a taxpayer before the Upper Tribunal, due to the use of AI.
HMRC have published 'Capital Gains Tax statistics' which show that despite the halving of the annual tax-free allowance from £12,300 to £6,000, the tax take fell by 18% in 2023-24.
As part of HMRC's efforts to improve its services by sending and receiving taxpayer information digitally, they are no longer sending CT208 Corporation Tax reminder letters on a trial basis.
In Abbotsford Property Group Limited & Anor v Revenue Scotland [2025] FTSTC 9, the First Tier Tribunal (FTT) for Scotland upheld assessments and penalty notices for Land and Buildings Transaction Tax (LBTT) due to the carelessness of the tax adviser, both in providing inaccurate advice and failing to disclose in a timely way.
In HMRC v Marc Gunnarsson [2025] UKUT 247 (TCC), the Upper Tribunal (UT) found that Self-Employment Income Support Scheme (SEISS) claims by a director of a limited company were incorrect. He was required to repay the amounts claimed.
Hello,
This week saw ‘Legislation Day’. It is one of the significant dates in the tax calendar with the Government publishing draft clauses for the 2025-26 Finance Bill along with various supporting documents, including consultation outcomes.
