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To ask His Majesty's Government whether they will extend non-payment of inheritance tax on personal estates from six to 12 months because of severe delays to the obtaining of probate.
To ask His Majesty's Government whether they will extend non-payment of inheritance tax on personal estates from six to 12 months because of severe delays to the obtaining of probate.
Inheritance tax is due at the end of the sixth month after the date of death. After this point, late payment interest will begin to accrue on the outstanding tax. The Government has no plans to change the existing, longstanding deadlines.
The most recent Family Court Statistics Bulletin published by the Ministry of Justice shows that probate grants took approximately 5 weeks to be issued after the application was submitted during January to March 2026.
To ask His Majesty's Government what plans they have, if any, to introduce legislation to levy inheritance tax on the estate of the Monarch.
To ask His Majesty's Government what plans they have, if any, to introduce legislation to levy inheritance tax on the estate of the Monarch.
Inheritance tax is paid in the normal way on the gifts and bequests from any member of the royal family, with the exception of the Monarch because the relevant enactments do not apply to the Crown.
The King has instead agreed that inheritance tax will be paid voluntarily on any gifts and bequests he makes, with an exception for assets passing to the next Monarch. The Memorandum of Understanding (MoU) on Royal Taxation, first agreed in 1993 and most recently renewed in 2023, sets out the rationale for not charging inheritance tax in relation to assets that pass to the next Monarch.
To ask the Chancellor of the Exchequer, what the average time taken by HM Revenue and Customs is to issue a clearance certificate in respect of a deceased person's estate after tax due has been paid; and what steps her Department is taking to reduce that time.
To ask the Chancellor of the Exchequer, what the average time taken by HM Revenue and Customs is to issue a clearance certificate in respect of a deceased person's estate after tax due has been paid; and what steps her Department is taking to reduce that time.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the adequacy of the capacity of HM Revenue and Customs to process additional inheritance tax cases arising from the inclusion of unused pension funds in estates from April 2027.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the adequacy of the capacity of HM Revenue and Customs to process additional inheritance tax cases arising from the inclusion of unused pension funds in estates from April 2027.
To ask His Majesty's Government what estimate they have made of the impact that imposing inheritance tax on unused pensions will have on (1) the number of people aged 50–69 who withdraw money from their pension funds, (2) the adequacy of pension provision for younger people, and (3) the investment...
To ask His Majesty's Government what estimate they have made of the impact that imposing inheritance tax on unused pensions will have on (1) the number of people aged 50–69 who withdraw money from their pension funds, (2) the adequacy of pension provision for younger people, and (3) the investment...
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions resulting from changes that have been made to pensions tax policy over the last decade, which have led to pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also address inconsistencies in the inheritance tax treatment of different types of pensions.
The Government will continue to incentivise pension savings for their intended purpose of funding retirement, with ongoing tax reliefs on both contributions into pensions and on the growth of funds held within a pension scheme. Pensions continue to benefit from very significant tax benefits, with gross income tax and National Insurance contributions relief costing £78.2 billion in 2023-24.
Estates will continue to benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are fully exempt from inheritance tax. More than 90 per cent of UK estates will continue to have no inheritance tax liability in 2030-31 following these changes and the reforms will only affect a minority of those with inheritable pension wealth.
Moved by
Lord Massey of Hampstead
144A: After Clause 28, insert the following new Clause—
“Appointed representatives: impact assessment
(1) Before any provision of this Act relating to the appointed representatives regime comes into force, the FCA must conduct and publish an impact assessment of the effect of those provisions on—
(a) the number of...
Moved by
Lord Massey of Hampstead
144A: After Clause 28, insert the following new Clause—
“Appointed representatives: impact assessment
(1) Before any provision of this Act relating to the appointed representatives regime comes into force, the FCA must conduct and publish an impact assessment of the effect of those provisions on—
(a) the number of...
My Lords, I should again declare my interest as chairman of Canaccord Genuity Wealth Management, as set out in the register of interests, although I should also state that Canaccord has no appointed representatives, which is the subject of this amendment.
I do not oppose these reforms in principle, although we...
My Lords, I should again declare my interest as chairman of Canaccord Genuity Wealth Management, as set out in the register of interests, although I should also state that Canaccord has no appointed representatives, which is the subject of this amendment.
I do not oppose these reforms in principle, although we...
My Lords, I will say a few words in support of my noble friend Lord Massey’s amendment. We should not forget that many of these small firms coming into the market are to be valued in Britain’s highly competitive industry—until there was too much regulation, perhaps—and we rely on them....
My Lords, I will say a few words in support of my noble friend Lord Massey’s amendment. We should not forget that many of these small firms coming into the market are to be valued in Britain’s highly competitive industry—until there was too much regulation, perhaps—and we rely on them....
My Lords, we support the questions that this probing amendment is asking. My noble friend Lord Massey of Hampstead has put forward a sensible and important amendment, because it asks the Government and the FCA to consider the practical effects of the Bill’s changes on appointed representatives before those changes...
My Lords, we support the questions that this probing amendment is asking. My noble friend Lord Massey of Hampstead has put forward a sensible and important amendment, because it asks the Government and the FCA to consider the practical effects of the Bill’s changes on appointed representatives before those changes...
My Lords, I am grateful to the noble Lord for raising the importance of ensuring that measures to make the appointed representatives regime safer do not undermine the benefits provided by that regime. This amendment would require the FCA to publish an impact assessment before the measures can take effect.
I...
My Lords, I am grateful to the noble Lord for raising the importance of ensuring that measures to make the appointed representatives regime safer do not undermine the benefits provided by that regime. This amendment would require the FCA to publish an impact assessment before the measures can take effect.
I...
I thank the Minister for his response and take reassurance that some of the measures that I raised have been dealt with already by the FCA, as it has—hopefully—assessed the impact of these quite significant changes, which, as I mentioned at the beginning, do add to regulation, rather than taking...
I thank the Minister for his response and take reassurance that some of the measures that I raised have been dealt with already by the FCA, as it has—hopefully—assessed the impact of these quite significant changes, which, as I mentioned at the beginning, do add to regulation, rather than taking...
Tabled by
Lord Stockwood
145: Clause 29, page 34, line 32, leave out “is in force” and insert “has effect”
Member’s explanatory statement
This amendment would make section 55AA(4) of the Financial Services and Markets Act 2000 consistent with section 55A(3) of that Act (as amended by this clause).
Tabled by
Lord Stockwood
145: Clause 29, page 34, line 32, leave out “is in force” and insert “has effect”
Member’s explanatory statement
This amendment would make section 55AA(4) of the Financial Services and Markets Act 2000 consistent with section 55A(3) of that Act (as amended by this clause).
I beg to move.
I beg to move.
Not content.
Not content.
I am merely keeping to what I said on the first Committee day.
I am merely keeping to what I said on the first Committee day.
Moved by
Baroness Neville-Rolfe
146: After Clause 31, insert the following new Clause—
“Review of notification arrangements for previously approved senior managers
(1) Within 12 months of the day on which this Act is passed, the Treasury must lay before Parliament a report on whether the new notification framework for senior manager appointments could...
Moved by
Baroness Neville-Rolfe
146: After Clause 31, insert the following new Clause—
“Review of notification arrangements for previously approved senior managers
(1) Within 12 months of the day on which this Act is passed, the Treasury must lay before Parliament a report on whether the new notification framework for senior manager appointments could...
My Lords, Amendment 146, in my name and that of my noble friend Lord Altrincham, is a modest and probing amendment. It follows the discussion we had last week on speeding up the senior management and certification regime. It does not seek to change the regime immediately. It would require...
My Lords, Amendment 146, in my name and that of my noble friend Lord Altrincham, is a modest and probing amendment. It follows the discussion we had last week on speeding up the senior management and certification regime. It does not seek to change the regime immediately. It would require...
My Lords, I am always in favour of trying to provide streamlining, and this amendment offers a common-sense approach to that. However, an issue that I want to take up with the noble Baroness, Lady Neville-Rolfe, is that the focus of the FCA should always be on new hires, not...
My Lords, I am always in favour of trying to provide streamlining, and this amendment offers a common-sense approach to that. However, an issue that I want to take up with the noble Baroness, Lady Neville-Rolfe, is that the focus of the FCA should always be on new hires, not...
My Lords, I rise quickly to support this amendment, which is exactly the sort of streamlining amendment we are looking to achieve in this Bill. I politely take issue with the remarks of the noble Baroness, Lady Kramer, on people such as Fred Goodwin, Jes Staley or the Reverend Flowers....
My Lords, I rise quickly to support this amendment, which is exactly the sort of streamlining amendment we are looking to achieve in this Bill. I politely take issue with the remarks of the noble Baroness, Lady Kramer, on people such as Fred Goodwin, Jes Staley or the Reverend Flowers....