These objects of outstanding national, scientific, historical, or artistic importance are known as ‘pre-eminent items’. These items can reduce inheritance tax because the UK has long-standing exemptions for works of art, originally introduced to prevent important pieces being sold abroad.

Two key schemes now exist: Conditional Exemption and Acceptance in Lieu. For the former, if an item is accepted as being of national importance, its value can be deducted from the estate, meaning no IHT is due on it. However, the owner must meet strict conditions: keep the item safe, keep it in the UK, publicise it, and make it accessible to the public (e.g., through viewings or loans to museums).

The scheme is designed to encourage families to retain heirlooms while ensuring public benefit. Many people assume they must sell valuable items to reduce their estate size but keeping culturally significant objects can be financially advantageous under these schemes.

Acceptance in Lieu is different in that you relinquish ownership of pre-eminent items to settle all or part of your IHT bill (you receive a tax credit).

It applies to UK residents who used ‘disguised remuneration’ or loan schemes – arrangements where individuals were paid through loans to avoid income tax and National Insurance. The Loan Charge covers loans received after 9 December 2010 and was introduced in 2017, treating these loans as taxable income. Around 50,000 people are affected by the Loan Charge according to the Government.

HMRC has stated that it will remove late payment interest and reduce every customer’s bill by £5k. Bills could be reduced by a maximum of £10k per year that an avoidance arrangement was used. Anyone agreeing to settle under this new scheme can spread their repayments over five years.

The error affects how tax-free allowances are allocated across different income types, including earnings, pensions, savings interest, and dividends. The issue is known as the ‘beneficial ordering’ error, one of several HMRC system faults that can lead to taxpayers paying more tax than they owe.

Optimal use of allowances varies by individual circumstances, meaning misallocation can significantly affect how much tax someone pays. If you have multiple income sources (salary, pension, savings interest, dividends), you may be affected, especially if the system failed to allocate your personal allowance in the most tax-efficient way.

The state pension is expected to rise by over £500 next year, taking it above the £12,570 personal allowance for the first time. Experts believe it may reach over £13,000 if next year’s uplift matches wages growth. Deferral increases the pension by 1% every nine weeks, or 5.8% per year. Under the government’s rules, someone deferring for one year and claiming in April 2027 could face an extra tax bill of up to £560, while someone claiming immediately would pay nothing.

Analysis from consultants, LCP, shows the exemption pledge helps only 800k out of 13.2m pensioners. Those with Serps, living abroad, or receiving other taxable income will not qualify. Experts feel it is ‘odd to penalise those who defer and not those who don’t’, especially when the government wants people to work longer.

We’re a forward-thinking firm of Chartered Certified Accountants with three offices across Kent. Founded in 2003, we have grown to become one of the largest independent accountancy practices in the county, supporting individuals, businesses, and not-for-profit organisations across the UK and Europe.

What is the Opportunity?

We’re looking for an Accounts Apprentice to join our Ramsgate office. This is a great opportunity for a school leaver or somebody looking to take their first steps into accountancy.

In this role, you’ll work with a varied portfolio of clients across a range of industries, carrying out bookkeeping duties and preparing VAT returns. You’ll gain valuable hands-on experience, whilst building client relationships and developing your technical knowledge.

Job Description

• Process invoices and bank transactions, keeping financial records accurate and up to date.
• Prepare VAT returns for manager review across a range of VAT schemes, using accounting software such as Xero and QuickBooks.
• Build your client communication skills and, over time, become a friendly first point of contact for client queries.
• Liaise with HMRC when required in relation to client queries and enquiries.
• Stay organised, manage your workload and meet deadlines in a busy environment.

Experience

Applicants must have a minimum of 5 GCSE’s grades 4 and above (or equivalent)

No previous accountancy experience is required – we’re looking for someone who is keen to learn, has a positive attitude and is interested in building a career in accountancy. Previous customer service experience would be an advantage but is not essential.

Working Arrangements

The working week: 37.5 hours per week (Monday – Friday) 8:30 – 17:00 with time off to attend college / training course.

Your principle working location will be 424 Margate Road, Westwood, Ramsgate, CT12 6SJ.

Benefits you’ll receive

• Fully funded training and study support (AAT)
• 20 days annual leave + bank holidays (plus your birthday and Christmas Eve off each year)
• Two paid volunteering days for a charity of your choice
• Employee Assistance Programme
• Dress down Friday – the last Friday of each month

HMRC stresses it will never send an email with an urgent deadline to claim a tax refund. To check a legitimate refund, taxpayers should log in securely via GOV.UK or the HMRC app. HMRC urges people to stop and think before sharing information or opening links/attachments in unexpected messages.

If unsure, do not click anything and report the message to HMRC. GOV.UK provides a list of genuine HMRC contact details to help verify messages.

Suspicious phone calls can be reported through HMRC’s online service (requires email or sign-in).

Suspicious text messages should be forwarded to 60599 (network charges apply). HMRC will never notify you of a tax rebate or request personal/payment details by text message.

Suspicious emails can be forwarded to phishing@hmrc.gov.uk, then deleted to avoid accidental clicks.

In 2003, Elborne sold her home to a trust in exchange for a loan note. She then transferred the loan note to another trust for her children. She continued living in the home rent-free. Because she lived more than seven years after the transfer, the loan note fell outside her estate under the rules at the time.

The Court of Appeal ruled that HMRC’s anti-avoidance arguments didn’t apply, as the scheme pre-dated later rule changes and complied with the law then in force. This ruling sets a significant precedent for families involved in similar legacy home-loan schemes. It may lead to reduced or cancelled inheritance tax liabilities for many long-running disputes.

The Prime Minister has hinted he may “ask for a bit more in tax” to fund policy plans and as the fiscal rules and reduced headroom mean limited scope for borrowing, this does push the Chancellor toward tax rises. Economists expect increases similar to the £26bn rise in November 2025, or even £42bn if spending plans are very high.

Labour has committed not to raise income tax, VAT, employee NI, or onshore corporation tax – together 54% of the tax base. Stamp duty and council tax reform are also ruled out, and experts say large structural reforms are unrealistic before October. Economists predict a “dog’s breakfast” of smaller measures rather than big reforms. Key candidates include capital gains tax, pension taxation, “sin taxes” and wealth taxes.

Experts strongly advise not making major financial decisions based on speculation. Instead, focus on actions based on current rules. Use your full £20k ISA allowance and maximise pension tax relief while it exists in its current form. Prepare for known upcoming changes such as the cash ISA allowance dropping to £12k for under 65s next year and pensions being included in estates for inheritance tax calculations.

If a pension is found years after someone’s death, the IHT bill for the entire estate may need to be recalculated, potentially reopening settled estates. Executors will not be liable for any tax due on pensions discovered after they have already received clearance from HMRC confirming that all inheritance tax due has been paid. Instead, HMRC would need to revisit the initial calculations, including any tapering of the residence nil-rate band, potentially landing beneficiaries with an additional tax bill years down the line.

The Chartered Institute of Taxation (CIOT) calls the proposals “highly unsatisfactory”, warning of unfair tax bills, delays in settling estates, disputes between families, pension providers and executors, and an increased administrative and compliance burden for HMRC. The CIOT said that the new rules should be changed so that a pension discovered after an estate has been wound up should incur IHT at a flat rate, which would vary depending on the tax position when an estate was finalised.

Spurling Cannon is a forward-thinking firm of Chartered Certified Accountants with three offices across Kent. Founded in 2003, we have grown to become one of the largest independent accountancy practices in the region, supporting individuals, businesses, and not-for-profit organisations across the UK and Europe.

What is the Opportunity?

We are looking for a Semi Senior Accountant to join our Tonbridge office, offering an excellent opportunity to develop your career within a growing and supportive firm. This role will provide exposure to a varied client portfolio and a broad range of responsibilities, allowing you to build both your technical skills and client relationship experience.

The role would suit someone who enjoys working as part of a team, is proactive in their approach, and takes pride in building strong relationships with clients. In return, you’ll join a supportive team that encourages professional development, offers opportunities for progression, and provides study support to help you achieve your professional qualifications.

Key Responsibilities

• Assist in the preparation of year end financial accounts for limited companies, sole traders, and partnerships across a variety of industries.
• Assist in the preparation of personal tax returns, corporation tax returns, VAT returns and management accounts.
• Undertake bookkeeping duties and maintain client records to ensure accuracy and compliance
• Use a variety of cloud-based and desktop accounting software including Xero, Quickbooks and Sage.
• Support Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), including digital record-keeping and quarterly submissions.
• Build and maintain strong, long-term client relationships through a professional and proactive approach.
• Collaborate with colleagues across the firm to deliver excellent client service.

Who We’re Looking For

• Actively studying AAT, ACCA or ACA or qualified by experience.
• Minimum 2 years’ experience in a UK accountancy practice handling similar assignments.
• Experience using Iris, Sage, Xero or QuickBooks would be advantageous.
• Confident communicating with clients, demonstrating a professional and service-focused approach.
• Strong attention to detail with the ability to produce high-quality, accurate work.

What We Offer

• Ongoing professional development and training
• 20 days annual leave + bank holidays (plus your birthday & Christmas Eve off each year)
• Two paid volunteering days for a charity of your choice
• Dress down Friday – the last Friday of each month
• Two staff social events each year (Summer & Christmas)