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Category: Inheritance tax

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June Focus – Tax Rules and Financial Gifts

You will have read in the first item in our Techie Stuff section (oh yes you have … you know you have!) about HMRC’s concerns about taxpayers making gifts without appreciating that rules exist about how, when gifts are made, there may be Inheritance Tax consequences. But HMRC are not the only ones to have…
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October Focus – The meaning of ‘Wealth’?

…it’s not all to do with money! One of the increasing challenges facing parents and other family members today is achieving success in their estate planning – passing on their wealth well. But how should we define ‘success’? Much of estate planning focuses on the financial aspects: ensuring a tax-efficient and cost-efficient transition of wealth…
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Financial Planning in your fifties, sixties and seventies

It’s easy to assume that all the major changes in life – finding a job, marriage, a family – take place in the early years. In fact there are just as many major changes in later life and the need to keep on top of your financial planning is, if anything, even greater. In your…
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Ten ways to cut Inheritance Tax liability

As a starting point, every individual is entitled to a nil rate band, under which no inheritance tax is payable. For the current tax year, the nil rate band is £325,000.  A new £175,000 per person transferable allowance for main residences, is being introduced between 2015 and 2020 but only when they are passed to…
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Inheritance Tax – What you need to know

Inheritance Tax (IHT) must be a good candidate for the most loathed tax in the UK. Like its predecessor Capital Transfer Tax, IHT was originally designed to hit the very wealthy. But this situation has changed markedly. It’s now more likely to be the middle classes rather than high net worth individuals who end up…
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