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The Kings Court Trust Blog

Keeping you up-to-date with Wills, probate and estate administration industry news

New tax figures contribute to the rising cost of death

on Oct 21, 2019 11:39:43 AM By | Kings Court Trust | Death Industry News Inheritance Tax
A recent report by the Taxpayers’ Alliance projects that the government will receive £5.35 billion in Inheritance Tax from grieving relatives in the 2019 to 2020 tax year. This is the highest amount of Inheritance Tax ever collected in by the government and it’s predicted to keep growing.
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Could more changes to Inheritance Tax be on the horizon?

At a Conservative conference fringe event organised by the Institute of Economic Affairs and the Taxpayers’ Alliance, Chancellor Sajid Javid hinted that he could cut Inheritance Tax. After being asked whether he would scrap the tax, Sajid Javid shared how he understood arguments against the tax and suggested that he’s considering changes.
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Inheritance Tax investigations: Executors liable for mistakes

on Aug 5, 2019 2:49:26 PM By | Kings Court Trust | Executors Inheritance Tax
HM Revenue and Customs (HMRC) opened a staggering 5,537 Inheritance Tax investigations in the 2018-2019 tax year, which is a 3.4% increase in comparison to the previous 2017-2018 tax year. To put this number into perspective, this equates to nearly a quarter (23%) of the 22,000 estates where Inheritance Tax is due. With such an incredibly high proportion of estates affected, it raises concerns about whether those responsible for paying Inheritance Tax are aware of the risks if they make mistakes.
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The Office of Tax Simplification makes more recommendations to simplify Inheritance Tax

on Jul 17, 2019 1:05:20 PM By | Kings Court Trust | Inheritance Tax
The Office of Tax Simplification (OTS) has published its second report on Inheritance Tax. The report comes after the Chancellor requested a review of administrative and technical aspects of the tax back in January 2018. The first report was released in November 2018 and covered the administration of Inheritance Tax. This second report now explores the key complexities and technical issues that arise from the way the tax works.
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How much tax is payable to HMRC on a deceased person's estate?

on May 29, 2019 10:33:30 AM By | Kings Court Trust | Inheritance Tax
This blog post explores how Inheritance Tax works and which other taxes HMRC applies to a deceased person's estate.
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2018 in review

on Dec 11, 2018 3:43:11 PM By | Kings Court Trust | Inheritance Tax Legislation Probate Fees Wills
This year has been a big year for government-related announcements, including proposed probate fee changes, civil partnerships set to be extended to mixed-sex couples, and recommendations to simplify Inheritance Tax. 2018’s research papers have also revealed some interesting insights about the Will writing and financial service industries.
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The Office of Tax Simplification provides recommendations to simplify Inheritance Tax

on Nov 29, 2018 10:27:35 AM By | Kings Court Trust | Inheritance Tax
We recently reported that an Inheritance Tax review was to be published by the end of this year, and the Office of Tax Simplification (OTS) has now released their first Inheritance Tax review report. This first stage of the report provides an overview of the tax and “sets out recommendations on administrative issues”.
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The risks and responsibilities of an Executor or Administrator: How to avoid a hefty Inheritance Tax bill

A recent article from the Telegraph revealed how a personal representative was left with a staggering Inheritance Tax (IHT) bill of £341,278 when he was administering a £1.2 million estate. Mr Harris misguidedly distributed the assets to the beneficiaries before all of the Inheritance Tax had been paid. He did this with the understanding that one beneficiary (who received the majority of the estate) would pay any Inheritance Tax that was still owed. However, this did not happen as the beneficiary left the country without paying, leaving Mr Harris to foot the bill.
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Sir Bruce Forsyth - playing the Generation Game

on Sep 20, 2017 9:12:16 AM By | Kings Court Trust | Blog Inheritance Tax
Sir Bruce’s public and private legacies - an example to us all? As Strictly returns with a moving tribute to its most famous host, Sir Bruce Forsyth, we were able to look back at the career of a true gentleman and showbiz legend. Although he had not presented the show for last couple of series, his sad passing at 89, leaves a truly remarkable legacy behind, which will be remembered by the public for years to come.
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