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Johnson, Javid and more Woodford woes: the week in news

The UK could also see a boost in public spending as the new Chancellor backed more money for schools, infrastructure and police in his leadership bid.

4 Investigating inheritance

HMRC investigates nearly a quarter of estates that pay inheritance tax, a FOI request revealed this week.

The data showed more than 5,000 IHT investigations had been opened by the department last year, compared to the roughly 22,000 estates liable for IHT in 2018/19.

It also showed the number of investigations spiked following the introduction of the Residence Nil Rate Band — available when the deceased leaves a residence to their direct descendants.

Gordon Andrews, tax and financial planning expert at Quilter, thought this showed politicians were “keen” to show they were cracking down on tax-dodgers.

5 Too big too soon

Analysts at Charles Stanley Direct removed the top-performing Fundsmith Equity fund from its buylist, despite its best-in-the-sector performance.

The fund, run by Terry Smith, is the absolute top performer from 205 funds in the IA Global sector over the past five years.

It produced returns of 179 per cent compared with a sector average of 67 per cent.

According to the provider’s fund analyst, Rob Morgan, the move was made due to concerns over the size of the fund.

He thought the fund’s growth could become more of a challenge for the manager and that it meant a “loss of flexibility” in terms of the number of available investments.