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heritage

Downton revisited

The taxman has moved to ease red tape associated with the heritage property exemption for archives and undertakings under IHTA 1984, s 31(1)(a) and s 31(1)(aa).

An undertaking is expected to contain acceptable proposals for open public access – but the arrangements may need to be updated frequently unless the objects or collections are on long-term loan to a museum or gallery, or are in a property that is regularly open to the public.

Minimising inheritance tax on family assets

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Readers forum: Claiming pre-registration input tax Practice tip: 19 December 2024 New Queries: 19 December 2024 Readers’ forum: Should I advise my client to declare income? Readers’ forum: Pension scheme set up as discretionary trust?

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NEWS

Automated tracking system for taxpayers could save £36m a year, study shows Welsh income tax rates are unchanged Business expenditure on R&D rises in 2023 HMRC targets landlords who may have undeclared rents Lump sums cannot be returned to pension scheme

Third slide

Deadline dates for January 2025

CASES

No extenuating circumstances to extend deadline Delay in issuing penalties was no excuse for late return Sales of occupation income avoidance rules apply Whole of settlement was not subject to tax Payments were taxable as earnings

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Readers forum: Claiming pre-registration input tax No extenuating circumstances to extend deadline This week's opinion: 19 December 2024 Automated tracking system for taxpayers could save £36m a year, study shows Welsh income tax rates are unchanged

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