HMRC Tax Receipts 2022-23 – A quick breakdown and summary
Latest HMRC tax receipts show that the UK Government has collected £786.6bn in the 2022-23 fiscal year. An increase of 9.9% compared to the £715.5bn collected in tax receipts in 2021-22. £247bn was raised through Income Tax receipts, an increase of 11.9% from £220bn in 2021/22. Income Tax generates the highest proportion of tax revenue for the Treasury. […]
Using Business Relief To Reduce Inheritance Tax
Inheritance Tax is a tax charged on the value of a person’s estate at the date of his or her death. The rate of inheritance tax on a deceased estate is currently 40%. There can sometimes be Inheritance Tax payable on lifetime gifts, such as gifts into trusts. The rate at which inheritance tax is […]
HMRC Tax Receipts 2021/22 – A quick breakdown and summary
For a summary of the fiscal year 2022/23, you can head over to HMRC Tax Receipts 2022-23 – A quick breakdown and summary HMRC tax receipts show that the UK Government has collected £718.2bn in the fiscal year 2021-22. This is an increase of 23% compared to 2020-21 where tax receipts collected was £584.5bn and […]
The Inheritance Tax residence nil rate band – are you sure you qualify?
From 6 April 2017, the standard inheritance tax nil rate band, which is currently £325,000, was enhanced by an additional “residence nil rate band” (RNRB). This was designed to be fulfilment of the Conservative party’s promise to increase the inheritance tax nil rate band to £500,000 per individual or £1 million per couple. The RNRB […]