The corporation tax clock is ticking steadily. For many years the main rate has been held at 19% with prospects of an even lower rate. This highly competitive rate internationally is set to increase following the Government’s huge outlay since Coronavirus struck in March 2020. After all someone has got to pick up the bill and companies don’t vote…!

Oswald was a delightful uncle to have. He had plenty of ideas and plenty of money. He was just the sort of person to turn to in the event of a family problem… Jane, one of Oswald’s nieces, was a young widow and was attempting to run a small business. Jane desperately needed some cash, so Oswald came up with a proposal. He would acquire a half interest in Jane’s house for £200,000 cash, which was a fair deal. If the business picked up, as it was expected to do, then Jane could buy back Oswald’s half share whenever she was ready. The deal was done, and all legal ends were tied up – Oswald was always very particular with this sort of thing.

Here are a few interesting facts about the consequences of understating the true worth of a death estate for the purposes of calculating inheritance tax (IHT)