Inheritance Tax
Demystifying Inheritance Tax: A Brief Guide
Inheritance Tax (IHT) is a subject that often instils fear and confusion in individuals and families. What is Inheritance Tax? Inheritance Tax is a tax levied on the value of an individual’s estate transferred both before and after their death. The estate includes all assets, such as property, investments, cash, and possessions, and is subject…
Read MoreTHE INEVITABILITY OF DEATH AND TAXES
Unfortunately, death is inevitable, so I thought it appropriate to just remind everyone of when IHT kicks in. This is not meant to be an exhaustive explanation as there is not enough space for that. Everyone has a Nil Rate Band (NRB) of £325,000 and a spouse or civil partner can inherit this. In addition,…
Read MoreHOW TO PLAN FOR INHERITANCE TAX
Inheritance tax is a tax on the value of everything you gift or leave behind when you die. Not everyone is required to pay inheritance tax. You can leave any amount to your spouse or civil partner. But if the amount you leave to others is valued above £325,000, the excess is taxed at 40%…
Read MoreCommon IHT Questions
We get many questions about IHT tax and how to minimise HMRC’s take from an estate. Below are just a few. How much can I give away? That is very much based upon personal circumstances. It is important that the client takes care of their own future needs rather than being too generous. Can I…
Read More