Despite widespread speculation on likely changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT) the Chancellor refrained from any reform of these taxes in 2021. What does this mean for farm businesses?
Tax payers have paid £600m more in Inheritance Tax (IHT) than a year ago. The latest figures from HMRC show that between April and October this year, IHT receipts totalled £3.6bn compared with £3bn in the same period in 2020 – a rise of 20%.
So does this indicate that many families are not aware until it is too late?
The value of the State Pension should not be overlooked as this forms a critical part of a retirement income for nearly all retired households, it will certainly be missed if it is not there.
Despite an amendment in the House of Lords to retain the earnings link of the triple lock next year, MPs in the House of Commons have rejected the move and it has been suspended meaning the value of the State Pension will rise by 3.1% in April 2022.