Trusts and Tax articles
Now that the Conservatives have formed a government, what’s next for their planned inheritance tax shake up? During the election campaign, you’ll remember the Tory’s promise to remove family homes worth up to £1m from Inheritance Tax, but what does this really mean and how is it proposed to work? The way Inheritance Tax currently …
There are a number of reasons why you might consider an outright gift to a child in your Will to be a bad idea. The child in question may be bad with money for instance, or they may have a drink or drug problem and you want to protect them from being exposed to the temptation of …
When an outright gift to your child is a bad idea Read More »
According to the Institute for Fiscal Studies, one in ten will soon be paying inheritance tax (IHT). This means that there will be less in the pot to pass to your loved ones. Although there was a decline in numbers of people paying IHT after the government’s 2007 introduction of the transferable nil rate band*, …
This article first appeared in Law Plain & Simple on 24 February 2014 What is inheritance tax? Inheritance tax (IHT) is a tax paid on your death based on the value of what you own at the date of your death. Everything that you own is collectively called your ‘estate’. This includes your house, your …
