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Inheritance tax receipts up by £0.3bn

Inheritance tax (IHT) receipts totalled £2.4 billion for April to July 2022, £0.3bn higher than last year, data released by HMRC shows.

The increase was due to the volume of wealth transfers that took place over the COVID-19 pandemic, recent rises in asset values and the Government's decision in March 2021 to maintain the IHT tax-free thresholds at their 2020/21 levels up to including...

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Tax relief for creative businesses exceeds £1bn

The film and creative industries continue to benefit from generous tax breaks, having claimed over £1 billion in the tax year ending March 2022, according to data from HMRC.

In the 2021/22 tax year, creative industry tax reliefs for corporation tax totalled £1.05bn, down from the £1.32bn paid out in the previous tax year, a decline mainly driven by a "sharp drop in the amount of film...

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UK inflation hits 10.1%

Inflation according to the customer prices index has risen to 10.1% in the 12 months up to July, up from 9.4% in June, says the Office for National Statistics.

Food prices, energy bills, petrol and diesel were all leading contributors to the highest increase in inflation in 40 years.

The ONS statistics show that food and non-alcoholic drinks were the most significant contributors...

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Wages fall at record rate

The Office for National Statistics (ONS) has announced that regular pay fell at a record rate of 3% between April and June this year.

Not only did wages fall for workers around the country, but the rising cost of energy bills and higher fuel and food prices continued to increase.

The ONS said growth in regular pay, excluding bonuses, was 4.7% in April and June 2022, which is the...

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HMRC late payment interest rises this month

Following the increase of the Bank of England's (BoE) base rate to 1.75%, HMRC will raise late payment interest on tax bills by 0.5%, coming into effect on 23 August 2022.

This means the late payment interest rate will be 4.25%, having already increased to 3.75% on 5 July. This rate is the highest since the height of the financial crisis in January 2009, when it was set at 4.5%.

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