The Inheritance Tax Implications of Gifts

Research carried out by the National Centre for Social Research (NCSR) and the Institute for Fiscal Studies (IFS) recently found that there is a ‘staggering lack of awareness’ of the inheritance tax (IHT) implications of making a financial gift. Below we outline the gifting rules and the IHT implications. Annual £3,000 exemption Every year, an … Continue reading The Inheritance Tax Implications of Gifts

Inheritance Tax: Is Your Estate Covered?

With the value of homes continuing to increase over the past decade, and with the majority of housing wealth now being owned by older households, inheritance tax (IHT) continues to be an issue for many, despite the introduction of the residence nil-rate band (RNRB). Recent figures have revealed that IHT receipts reached a record high … Continue reading Inheritance Tax: Is Your Estate Covered?

AAT States Inheritance Tax Is ‘Unnecessarily Complicated’

The Association of Accounting Technicians (AAT) has stated that inheritance tax (IHT) is ‘unnecessarily complicated’ and ‘widely misunderstood’. Responding to a review of the tax by the Office of Tax Simplification (OTS), the AAT said that several IHT exemptions ‘could be scrapped’. It argues that certain exemptions, such as gifts on marriage and gifts to … Continue reading AAT States Inheritance Tax Is ‘Unnecessarily Complicated’

Is It Time to Review Your Estate Plan?

Planning to minimise the inheritance tax (IHT) due on your estate is always important, but the recent introduction of the residence nil-rate band (RNRB) means now could be the ideal time to review your existing plans. What is the RNRB? IHT is charged at 40% on estates worth in excess of the nil-rate band, which … Continue reading Is It Time to Review Your Estate Plan?

Autumn Business Newsletter

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.

Are You Affected by Inheritance Tax?

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?

Don’t Be a Lottery Loser – Protect Your Syndicate Winnings

  If you and your employees club together to take a chance on the Lottery by operating a workplace syndicate, but you do not have a formal agreement in place, a large win could cause tax issues in the future. If ever you are fortunate enough to win the jackpot, the winnings will undoubtedly be … Continue reading Don’t Be a Lottery Loser – Protect Your Syndicate Winnings

Tax Saving Strategies To Implement Before 5 April and our Spring Newsletter

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.

Rules Surrounding New Inheritance Tax Relief Deemed Too Complex

In the Summer 2015 budget the Government announced plans for a main residence nil rate band (RNRB) to be introduced from 6 April 2017. Currently, individuals have a nil rate band (NRB) of £325,000, which is the threshold up to which their estate and taxable gifts are exempt from inheritance tax. Subject to qualifying conditions, … Continue reading Rules Surrounding New Inheritance Tax Relief Deemed Too Complex

Family Home Allowance – The New Inheritance Tax Relief

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