“The markets had anticipated a Conservative majority. In the absence of this, there is uncertainty and the markets, and business in general, do not like uncertainty,” he said.

But he added that it was likely that Making Tax Digital – the plans by HMRC to require businesses and the self-employed to provide digital information quarterly – would be back on the agenda, and implemented under its original timetable.

He added: “One area to watch is social care and how this is going to be funded. Could it mean further changes to Inheritance Tax?

“In general, it seems there has been a rally against the current austerity measures continuing and if the new Government decides to loosen its grip it is difficult to understand how additional funds can be made available without considering how taxes generally are calculated and collected.  “

To talk to the team at Regulatory Accounting, here’s how to get in touch.

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Its introduction was the fruition of a promise made in the Conservative manifesto of 2015, and the idea was to effectively increase the threshold of Inheritance Tax for married couples and civil partners to £1 million (or £500,000 per spouse).

But with the latest Tory manifesto’s promise to make people pay for their social care – albeit there has been some backtracking on this – we wonder if this will have implications for Inheritance Tax after the election. Food for thought …

In the meantime, the Residence Nil Rate Band now applies and here’s how it is being implemented.

• Currently the level is £850,000 consisting of the existing nil rate band of £325,000 per spouse, plus the new Residence Nil Rate Band (RNRB) of £100,000 for each spouse.

• The RNRB will increase by £25,000 in each of the following two tax years, reaching £175,000 by 2020/21. During that time, the nil rate band will remain frozen (it is not due to increase until at least April 2021).

• The RNRB is subject to a tapering reduction of £1 for each £2 by which an estate exceeds £2 million, so large estates may see no benefit.

• The RNRB only applies to gifts of residential property made on death (not during lifetime) to the deceased’s direct descendants – so doesn’t apply for those with no children and/or who leave their home to someone else.

And there are rules governing downsizing and moving into residential care – back to social care again.

Inheritance Tax is just one area of taxation which Regulatory Accounting can advise you on. For assistance, please get in touch with the team.

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Advancement in machine learning means that many human processes can be replaced, and as this technology improves so will the ability to handle more complex tasks.

Automation certainly has benefits and the promise of cost saving and expediency is naturally alluring to firms seeking competitive advantage. However, we should proceed with caution; whilst the increase of machine decision-making in financial services is inevitable it may not be a panacea.

This paper focuses specifically on automation in financial crime compliance. We discuss the current context of automation in financial crime, its merits, the processes where it may be well applied, the practicalities and the pitfalls. Our objective is to appeal to financial crime professionals in a way that helps cut through the hype and start thinking in a pragmatic way.

Click the button below to download the full paper.

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