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HMRC plots clampdown on wealthy using inheritance tax loophole
The proposals would expand a 2022 regime for large companies and could bring inheritance tax, capital gains tax and stamp duty into review.
- On Tuesday, HMRC launched a consultation to expand its "Uncertain Tax Treatment" regime, requiring wealthy individuals and trusts to disclose tax arrangements worth £5 million or more for potential review.
- Originally designed for giant businesses with turnover above £200 million in 2022, the regime would now pull inheritance tax, capital gains, stamp duty, and National Insurance into scope for affluent taxpayers.
- Government figures show Britain's tax gap reached £46.8 billion in 2023-24, yet critics point out that only around 10 per cent of this gap is linked to individual taxpayers, raising proportionality questions.
- Marc Acheson, Global Wealth Specialist at Utmost, warned the proposals could have "unintended consequences" for the UK economy, stating: "This consultation targets wealthy individuals to plug fiscal gaps."
- Wealth advisers fear the rules create uncertainty for families managing inheritance planning, signaling that Britain's tax net is stretching wider to capture more revenue from affluent Britons.
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23 Articles
The Herald Scotland+19 Reposted by 19 other sources
New HMRC rule changes could bring more people under tax scrutiny
HMRC is considering new powers that could force wealthy individuals and trusts to disclose tax arrangements worth £5 million or more under a major…
·Scotland, United Kingdom
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HMRC's latest inheritance tax crackdown to target wealthy Britons using legal loopholes
HM Revenue and Customs (HMRC) is preparing to crack down on wealthy Britons who use legal tax arrangements to reduce inheritance tax and capital gains tax liabilities under a major proposed expansion of its enforcement powers.The tax authority is seeking to widen its Uncertain Tax Treatment regime, first introduced for large businesses in 2022, to include private individuals benefiting from tax advantages worth more than £5million.Under the prop…
·London, United Kingdom
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Total News Sources23
Leaning Left2Leaning Right2Center18Last UpdatedBias Distribution82% Center
Bias Distribution
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C 82%
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