HMRC saw a boost in inheritance tax receipts at the start of the tax year, with intake rising to £5 billion between April and October 2024, up 11% annually. Chancellor Rachel Reeves’s Autumn Budget aimed to increase IHT bills by freezing thresholds and reforming reliefs, leading analysts to predict a further rise in receipts. Changes such as the reform of agricultural and business property relief and the inclusion of inherited pensions in IHT may prompt wealthy individuals to rethink estate planning strategies.
Full Article
Joann Will Shutter All of Its 800 U.S. Stores, Conduct Sales
Craft and fabrics retailer Joann, in business for 80 years, announced the closure of all 800 stores in 49 states due to financial turmoil and low sales. With 19,000 employees, Joann filed for bankruptcy twice, unsuccessfully seeking a buyer to keep the business afloat. Assets were auctioned off to GA Group, leading to immediate going-out-of-business sales at all locations, eliciting sadness from customers and designers who relied on the store for crafting supplies. Full Article
Read more