INHERITANCE TAX – FUNDAMENTALS Synopsis: The Government has launched a consultation to explore the possible options for extending the Inheritance Tax (IHT) exemption for armed forces personnel who die on active service to all emergency service personnel who die in the line of duty, or whose death is attributed to injuries incurred in the line […]
INHERITANCE TAX – PLANNING Synopsis: HMRC has confirmed that inheritance tax receipts are on the rise – due to an increase in house prices and a five-year bull market in shares. Once again early estate planning will no doubt prove valuable for clients to reduce tax payable on death. Date posted: Wednesday, August 13, 2014 […]
WILLS/WILL TRUSTS Synopsis: The Government has announced plans to hold a national event to raise awareness of the Mental Capacity Act, with particular emphasis on increasing the level of awareness and understanding of Lasting Powers of Attorney (LPA). Date posted: Thursday, June 19, 2014 As part of the official response to the House of Lords […]
INHERITANCE TAX – FUNDAMENTALS Synopsis: From 1 May 2014 minor amendments to form IHT400 will not need to be notified to HMRC Trusts & Estates on separate occasions – instead, in certain circumstances, one form (C4 or C4(S)) can be completed to notify all the changes in one go, which should help reduce the administrative […]
INHERITANCE TAX – PLANNING Synopsis: The number of estates liable to inheritance tax appears to be on the rise. With this in mind, are your clients maximising use of available exemptions and carrying out suitable planning strategies? Date posted: Thursday, April 10, 2014 According to recent research carried out by the Institute of Fiscal Studies […]
INHERITANCE TAX – PLANNING Synopsis: HMRC have published new IHT forms IHT205, IHT 217 and IHT206 Notes to help complete form IHT205 Date posted: Thursday, February 20, 2014 The new forms and notes published by HMRC are: new form IHT205 (2011) – Return of estate information new IHT206 (2011) – Notes to help you fill […]
INHERITANCE TAX – PLANNING Synopsis: The normal expenditure out of income exemption is relatively well known but is often overlooked. We provide a reminder on the conditions for this valuable relief, and highlights some practical eligibility issues. Date posted: Tuesday, January 14, 2014 For many clients who do not need access to their capital, inheritance […]
INHERITANCE TAX – PLANNING Synopsis: Is it possible to offset the transferable nil rate band against chargeable lifetime gifts on the survivor’s death? We consider the position. Date posted: Monday, November 18, 2013 As you are no doubt aware many people die without using all or part of their inheritance tax nil rate band (NRB). […]
INHERITANCE TAX – PLANNING Synopsis: Loans used to purchase property which qualifies for business property relief: Gift of the property subject to the relief: The position on the subsequent death of the donor. Date posted: Thursday, October 31, 2013 New rules now apply to loans used to buy property that qualifies for special IHT treatment. […]
Use of Will provisions to save tax- a useful article and information we thought we’d share with you. The word.doc is available to download via the link below… Read the full document here >
