Office of Tax Simplification’s first report on inheritance tax

Inheritance tax review

The Office of Tax Simplification (OTS) has published the first part of its inheritance tax (IHT) simplification review. The report highlights a variety of issues with the current IHT system: Inheritance tax returns are submitted for about half of all estates, even though tax is paid by less than 5%; Most of the paperwork cannot…

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Index-linked National Savings certificates

Index linked national savings certificates

The popular National Savings & Investments (NS&I) savings certificates will be indexed to CPI instead of RPI from next year. The certificates have not been on sale since 2011, but NS&I allow existing certificate holders to reinvest in new series of certificates when their old ones mature. The terms have gradually worsened over the years…

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New probate fees to affect many estates

Probate fees are to be changed

The current fees are £215 for individual applications and £155 via a solicitor, with nothing payable if the estate value is up to £5,000. Under the new banding, there is a maximum effective charge for probate of 0.5% of the estate, which is triggered at £50,000 (a £250 fee) and £500,000 (a £2,500 fee).  The…

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State pension equality means increases for all

State pension age equalises at 65 for men and women

The State Pension Age (SPA) became equal for men and women for the first time, at age 65, on 6 November 2018. Having reached this landmark, the next stage of SPA increases has already started. For both men and women, the state pension will become payable for anyone born between 6 December 1953 and 5…

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