Trusts and Tax articles
This is another common misconception we hear from clients. They have made a Will, or a specific type of Will, in the belief that it will prevent their loved ones needing to obtain Probate or pay any tax on their death. Unfortunately, this is not true. Just because you have a valid Will in place, …
Myth-busters #4 – Having a Will means you won’t need Probate or pay Inheritance Tax Read More »
Many couples in the UK choose to cohabit but not marry or enter into a civil partnership. Some do so under the belief that they will be protected because they have a ‘common law marriage’ and will be treated much the same as a married couple in relation to tax, inheritance and many other issues. …
This is something we hear regularly from clients. They might have attended a seminar and been told to put all their assets into a Trust whilst they’re still alive, to circumvent the need for their Executors to get a Grant of Probate when they die. Sometimes, they might also be told that assets in the …
Myth-busters #2: Trusts mean you won’t need Probate or pay Inheritance Tax Read More »
Letting out a holiday home is a popular way of making money from a second property. Whilst it may offer financial advantages in the ‘here and now’, when you are planning for the future, it is worth knowing how your property will be treated for inheritance tax purposes. You may be aware that businesses (and …
Can Holiday Letting Offer You a Break From Inheritance Tax? Read More »
Inheritance Tax has many sides; the good, the bad and the downright… confusing. The ugly truth, however, is that all the money, assets, and other property in your estate will be assessed for Inheritance Tax (IHT) when you pass away. Even in your lifetime, certain gifts and transfers can be ‘clawed back’ to count as …
Inheritance Tax: the Reliefs, the Tax, and the Livery Read More »
New rules have just come in to force which could save you money on Inheritance Tax. On 6th April 2017, it became possible to apply a Residential Nil Rate Band (RNRB) to your estate upon death. Using the RNRB can allow you to pass a greater amount to your loved ones without paying tax on …
Act Now, Save Tax Later: Your Estate and the Residential Nil Rate Band Read More »
We are always being asked about ways to reduce the amount of inheritance tax that has to be paid on death. However, whilst tax-saving methods can make a lot of financial sense, they don’t exactly make a lot of headlines. Finding out about the various reliefs and exemptions can be difficult. Nonetheless, it is important …
A New Way to Save Inheritance Tax in 2017: the Residence Nil Rate Band Read More »
You’ve no doubt read in the press about the Ed Miliband avoiding inheritance tax by using a Deed of Variation, but how may this have worked, and what does it mean for you? As we have written about before, Deeds of Variation allow Wills to be altered after someone has died, and can be made …
We wrote an article last month talking about the how the Conservative Government planned to introduce a secondary ‘family home’ allowance for Inheritance Tax (IHT). Following the Budget last Wednesday, George Osborne set out how this might work as part and parcel of his five year plan ‘to keep moving us from a low wage, …
The new family home allowance for Inheritance Tax Read More »
A Deed of Variation is where one or more beneficiaries of a deceased person’s estate chose to give up or change the amount of inheritance they have received under a Will or Intestacy, in favour of someone else. Sometimes a Deed of Variation is called a Deed of Family Arrangement. There are many reasons why …
