Martin Aitken & Co Ltd News & Developments

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Uncertainties removed on two key personal taxes

The future of two important personal taxes – inheritance and capital gains – has finally been clarified, simplifying aspects of year-end planning.

The extended wait highlights the difficulty of changing useful revenue-raising measures in uncertain times.

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Focus on tax year-end planning

With Christmas and New Year behind us, tax year-end planning should now be on your radar.


The 2021/22 tax year will end on Tuesday 5th April. This year there is no Spring Budget and Easter arrives on 15th April, so no obstacles stand in the way of year-end tax planning. Nevertheless, the sooner you start the better, as some decisions cannot be made quickly. Among the areas to consider on this occasion are:

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IHT receipts reach £6 billion record

The amount of inheritance tax (IHT) collected by HMRC over the past year reached a record £6 billion, some £1 billion more than the previous 12 months.

This increase comes as no surprise given booming property values and frozen nil rate tax bands. It seems the tax is no longer the preserve of the super-rich.

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How well do you understand inheritance tax?

A survey by HMRC published in May 2019 concluded that the public have a relatively poor knowledge of inheritance tax (IHT) rules and lack of confidence in what they do know.

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