The Treasury

RCK Partners appoints Lord Philip Hammond as chair

RCK Partners, a tax consultancy specialising in R&D tax credits, has announced the appointment of Lord Philip Hammond as chair of its board.   The former chancellor of the exchequer previously served as a senior adviser and most recently as a non-executive director at the firm. In his expanded role, Hammond…

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Today’s news in brief – 21/3/2024

Accounting firm Sapphire has joined forces with Alliance Investments to expand services and provide expert property investment advice to clients. The partnership capitalises on Alliance’s strong presence and knowledge of the Manchester property market. Sapphire’s clients gain access to Alliance’s diverse property portfolio, enhancing their investment options. Loui Aylward of…

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IHT Receipts reach £6.8bn in April to February

The Treasury raked in £6.8bn in inheritance tax receipts in the eleven months from April 2023 to February 2024, up £400m compared with the same period a year earlier. Financial advisors the Wealth Club said the government’s inheritance tax take seems to be increasing thanks largely to years of house…

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Inheritance tax receipts hit £5.7bn between April and December 2023

The Treasury received £5.7bn in inheritance tax receipts in the nine months from April to December 2023, according to new figures from HMRC.  This is £400m more than the same period the year prior, continuing the upward trend. According to Wealth Club, one in every 25 estates pay inheritance tax,…

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Today’s news in brief – 23/10/2023

BHP, a UK-based firm, has promoted 79 employees across its offices in Chesterfield, Sheffield, Leeds, York, and Cleckheaton. These promotions coincide with the recent addition of 44 new trainees, showcasing the company’s commitment to nurturing talent. Emily Caine from Cleckheaton has been promoted to director, while James Dunn, Danny Noon,…

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UK corporation tax bills hit record £84bn

UK corporation tax bills rose by 21% to a record £83.8bn last year, up from £69.3bn the year before, according to findings from UHY Hacker Young.  It comes as corporation tax was raised from 19% to 25% on April 1 2023, an increase of almost a third.  However, UHY Hacker…

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IHT receipts hit £3.9bn

Inheritance tax receipts for April to September 2023 reached £3.9bn, according to new data published by HMRC – £0.4bn more than the same period last year.  Lower receipts in April and May 2020 were due to a temporary issue where HMRC were unable to accept cheques for payment of IHT…

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Today’s news in brief – 22/09/2023

North West accountancy firm Bennettbrooks has expanded its presence in Cheshire and Greater Manchester through the acquisition of Altrincham-based MBL (Business and Tax Advisers). Bennettbrooks offers a range of services, including accountancy, tax, forensic accounting, audit, payroll, and IT, and operates from various locations. The acquisition ensures the retention of…

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HMRC’s OCW unit opened 25 tax fraud investigations last year

HMRC’s Offshore, Corporate and Wealthy (OCW) unit opened criminal investigations into 25 wealthy individuals over suspected serious criminal tax frauds last year, according to findings from Pinsent Masons.  The OCW unit, which comprises roughly 500 staff, has a wide range of criminal and civil powers at its disposal, yet reserves…

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Inheritance tax receipts up by £700m against last year

The Treasury received £5.3bn in inheritance tax receipts between April and December 2022, £700m more than the same period last year, continuing an upward trend.  According to Wealth Club, the government’s inheritance tax take could be increasing due to years of house price increases, particularly in London and the south-east,…

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