Our latest newsletter is here, packed with information on estate planning, VAT schemes, capital allowances and much more! To view our latest newsletters, visit the publications section of our website. Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
The Inheritance Tax (IHT) collected by HMRC for the year June 2016 to May 2017 saw an increase of 9% on the previous year, rising to over £5 billion for the first time. According to law firm Wilsons, this is attributed to rising property values and the freezing of the basic Inheritance Tax allowance, which … Continue reading Are You Affected by Inheritance Tax?
Keep up to date with tax matters and explore some of the tax saving opportunities with our recent newsletters. Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
Currently, Inheritance tax is paid if a person’s estate (their property, money and possessions) is over £325,000. This is known as the inheritance tax threshold. Any assets that are above this amount incur an Inheritance Tax charge of 40%. Married couples or civil partners are able to double their allowance up to £650,000 before tax … Continue reading Family Home Allowance – The New Inheritance Tax Relief
If you are interested in the tax allowances for 2014/15, please refer to our Tax Tables: Green & Co 2014/15 Tax Tables If would like to read our summary of the 2014 Budget, then please follow this link: Green & Co Budget Summary 2014 The main issues include: Savings: Reform of ISAs. The current distinction between stocks and shares … Continue reading Budget 2014 and 2014/15 Tax Tables
Christmas is a time for giving...and most people are very happy if you give them money! However, it is worth remembering your allowances and exemptions for Inheritance Tax. If your estate is worth more than the Inheritance Tax threshold - £325,000 for the 2013-14 tax year - there are some important Inheritance Tax exemptions that … Continue reading Giving at Christmas – Inheritance Tax Allowances & Exemptions