inheritance tax tagged posts

Swiss Voters Reject Inheritance tax

June 15, 2015 Taxation in Switzerland

BERN – Swiss voters have overwhelmingly rejected a new tax proposal which is believed to pose a significant risk to small businesses.

In a vote held on June 14th taxpayers rejected a proposal to implement a new comprehensive inheritance tax in the country.

Currently the regulations regarding the taxation of inheritance vary in each canton, and under present regulations, only four cantons have rules to impose a taxes on wealth received as inheritance from a parent.

Had the proposal been passed, an inheritance tax of 20 percent would have been imposed on the transfer of wealth of more than CHF 2 million.

The proposal was rejected with 71 percent of voters voting against it.

The proposal was rejected by any taxpayers as it is believed that it would prove to be a significant financial burde...

Read More

UK Taxpayers Paying Tax Bills with Art

December 3, 2014 Taxation in UK

LONDON – Taxpayers in the UK have donated valuable art pieces by Vincent Van Goh and Pablo Picaso in order to cover their tax bills.

Over the course of the 2014 financial year taxpayers in the UK covered GBP 30 million worth of inheritance tax payments by donating culturally significant works of arts, according to new information in a report released on December 2nd by Art Council England.

The art donated to cover the inheritance taxes was estimated to have a current market value of GBP 44.3 million, and was spread out across 27 different cases.

Currently valuable and culturally significant pieces of art may be donated instead of paying inheritance tax, as part of the Acceptance in Lieu scheme.

The amount donated in 2014 was the second highest on record, only beaten out by the 30 donatio...

Read More

Calls Raised to Abolish Inheritance Tax

April 7, 2014 Taxation in UK

Inheritance in the UKLONDON – Inheritance Tax in the UK is becoming increasingly unpopular, and may be abolished soon.

Late last week the Institute of Fiscal Studies (IFS), an independent UK based think tank, released a new report showing that the current inheritance tax is inefficient, and should be dropped entirely.

According to the IFS, in the 2014 year inheritance tax was applied to less than 4.5 percent of all estates in the country, and the collection of the tax only brought in approximately GBP 3.5 billion, approximately 0.6 percent of all tax revenues in 2014.

Inheritance tax is currently applied at a rate of 40 percent on estates valued above the threshold of GBP325 000, with the only exemptions available for gifts to spouses, donations to charities, and transfers of agricultural land and some busines...

Read More

UK Taxpayers Grossly Overpaying Their Tax

April 18, 2011 Taxation in UK

UK TAxation.A lack of knowledge of applicable tax regulations is leading UK taxpayers to routinely overpay their obligations, with nearly GBP 13.5 billion “wasted” every year.

According to new research published on April 18th by Unbiased, a UK based financial advice website, UK taxpayers are unhappy with the levels of taxes that are being levied, but at the same time, research shows that nearly 88 percent of people have taken no action in the last year to legally optimize their obligations, with 28 percent of individuals not knowing how to plan their tax liabilities.

Every year UK taxpayers are set to lose a total of GBP 13.5 billion by overpaying their taxes or not taking advantage of all the tax credits available to them. Of the payment total, nearly GBP 8...

Read More