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.
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Trump to Revoke an Oil License in Venezuela
President Trump announced his decision to revoke a Biden-era policy allowing increased oil production in Venezuela, affecting Chevron, who operates there. The Treasury Department had granted Chevron permission to expand operations in Venezuela in November 2022, with the license up for renewal on March 1. The move is seen as a response to Venezuela's failure to repatriate criminals and has drawn criticism from the country's vice president, warning of negative consequences for both nations. Full...
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