Most people we speak to, that understand the basics of inheritance tax, think that when they make a gift, the inheritance tax payable reduces over time. Tapering down after the first three years and reducing each year until the seventh anniversary when it is zero. This is called taper relief and the rate of IHT […]
Does My Inheritance Tax Taper? Read More »
Many clients gift money to charity regularly and some leave legacies to charity in their wills. There is in fact a handy tax benefit to leaving money to charity in your will. If you leave 10% of your taxable estate to charity, the inheritance tax (IHT) on that estate is reduced from a rate of
Should I Set-Up My Own Charitable Trust? Read More »
I have recently had to handle my first probate as executor for someone whose estate was liable to inheritance tax. Despite having all the knowledge of what is involved, I wasn’t prepared for the actual amount of work. HMRC currently uses a series of forms when you apply for probate. There is the main form
The Problem With Probate Read More »
Financial Planning just became a lot harder from April 2027. Prior to that date (and since April 2015) pensions are still exempt from IHT. This means that we have been able to work with clients’ non-pension assets to provide them with tax efficient capital withdrawals to fund their lifestyle. The aim was to spend that
Planning Needs to Get More Precise Read More »
The most flexible form of inheritancce tax planning, is a one-off time bound opportunity that you can’t control but can prepare for.
The best kept tax secret Read More »
The Office for Tax Simplification released a report into inheritance tax earlier this month and it contained some good proposals and raised some interesting talking points for anyone working on avoidance inheritance tax (IHT). The OTS has its job cut out with the complexities of the UK tax system as successive Chancellors have preferred headline-grabbing
