The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%.
Should you pay tax on money or goods you inherit?
The surprising answer to this question is usually no. This is because inheritance tax (IHT) is usually levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts.
Ken Dodd has the last laugh
The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of 40 years just days before his death.
Passing on the Family home & Downsizing
New inheritance tax rules for passing on the family home start on 6 April 2017 and many people have a New Year’s Resolution to either make a Will or update their Wills. This new relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure it […]
Inheritance Tax Planning using the new Lifetime ISA
Budget 2016 announced a new “Lifetime ISA” that will be available to those aged between 18 and 40 from 6 April 2017. The Government will add 25% to the amount saved subject to a maximum of £4,000 a year (plus £1,000 from the Government). It seems there will be no requirement that the savings come […]
Before 6th April 2016!!
Inheritance Tax Planning before 6th April 2016 Have you made use of your annual Inheritance Tax (IHT) exemptions? The annual exemption is £3,000 per donor (plus last year’s £3,000 exemption if you did not use it). Also consider making regular gifts out of your income to minimise the growth of your estate that will be […]
Downsize (or Upsize) to save on Inheritance Tax?
From 6 April 2017 an additional Inheritance Tax (IHT) Residence Nil Rate Band (RNRB) starts being phased in to enable individuals to pass on their family home to direct descendants. The additional nil rate band starts at £100,000 and rises to £175,000 for deaths after 6 April 2010. When fully phased in the additional nil […]
IHT & The Family Home & Charges affecting non-domiciled taxpayers
Inheritance Tax & The Family Home As mentioned last month the Chancellor has confirmed the introduction of an additional inheritance allowance that will be available in addition to the current £325,000 nil rate band which will, when fully phased in, allow a couple to pass on the family home tax free up to a value […]
Inheritance Tax & The Family Home
Further detail has emerged (in a leak to the Guardian newspaper) concerning a new Inheritance Tax (IHT) allowance announced in the Conservative Party election manifesto to set against the value of the family home. The proposed new family home allowance provides for an additional £175,000 nil rate band from April 2017, bringing a couple’s combined […]