Inheritance, Trusts & Estate Planning: UK Tax Guide
Effective estate planning can help ensure your wealth and assets are distributed according to your wishes while minimising tax liabilities and preventing potential legal disputes. Understanding the specific tax implications and legal requirements surrounding inheritance and trusts is essential to making informed decisions and optimising your estate plan. In this comprehensive guide, we take an […]
UK Resident Receiving Inheritance From Abroad
If you have inherited money from overseas, you will need to check the tax position and whether there is a UK tax liability on the inheritance. The tax rules on receiving inheritance money from abroad can quickly become complex. In this guide, we look at when liability to UK tax on inheritance from abroad arises, […]
Downsizing Relief: Cut Inheritance Tax Bill
Downsizing relief can offer homeowners an effective way to lower inheritance tax (IHT) liability, by moving to a smaller home. In this guide, we look at what downsizing relief is, how it works and who can claim it. What is downsizing relief? Downsizing relief is a form of tax relief that can enable […]
Can You Avoid Inheritance Tax Legally?
Inheritance tax planning is critical to maximising the amount that can be passed on from your estate to your beneficiaries. In this guide, we look at whether it is possible to avoid, or at least reduce, inheritance tax so as to minimise the amount of IHT payable. What is inheritance tax? Inheritance tax […]
Buying a House with a Personal Injury Trust
If you’ve been awarded compensation for personal injury, you may want to invest this money in a home for your family. However, if that money is currently held in a personal injury trust, or is likely to be placed in trust, you will need to know how you can access those funds to help make […]
What is an Interest in Possession Trust?
Setting up a trust can be an ideal way to control and protect family assets, ensuring these assets are passed to future generations, while minimising liability to inheritance tax on death. However, there are various types of trusts to choose from, with different practical, legal and financial implications. The following guide on interest in possession […]
Why Now is the Best Time to Do Your Will & Estate Planning
Making sure that your assets – property, belongings and capital – are protected by your will and estate planning can become a complicated process when tackling the many and varied tax laws regarding the issue of inheritance, especially where your estate features a diverse portfolio of assets such as property, shares and savings. Whilst the […]
Estate Planning & Wills: Where Should You Start?
While the prospect of passing away is an unwanted thought, it’s important to plan ahead, both to make the process of managing your estate easier for your loved ones, and to ensure your wishes are carried out. Anticipating things like how your care home costs will be covered and making financial provision for those that […]
Family Investment Company Pros & Cons
A family investment company can be an attractive approach to tax and succession planning. In this guide, we look at what family investment companies are, the tax advantages available, as well as how these companies work and are managed. We also look at the overall benefits and drawbacks of a family investment company to help […]
Potentially Exempt Transfers & IHT Gift Rules
Potentially exempt transfers, also known as PETs, can be an effective way of maximising the amount of money that a person can leave to loved ones tax-free after they die, helping to minimise any liability to Inheritance Tax that will fall due on a deceased’s estate. Below we look at what PETs are, how these […]
Residence Nil Rate Band Guide
When it comes to inheritance tax, the residence nil rate band can be one of the best ways to minimise the amount of tax payable and maximise the value of an estate on death. In this guide, we explain what the residence nil rate band is, how it works in practice, how an estate qualifies […]
Inheritance Tax Rates Guide
It is important to understand at least the basic rules relating to inheritance tax, including that the latest inheritance tax rates are and when the tax becomes payable. In this way, you can forward plan to help minimise any potential tax bill after you pass away, and maximise the value of your estate for your […]
How to Set Up a Family Trust
Setting up a family trust can be an effective way of controlling your personal assets during the course of your own lifetime and upon your death, ensuring that you have a say in exactly who benefits from your wealth. It can also be a good way of protecting and preserving that wealth for generations to […]
How Does a Trust Protect Personal Assets – An Overview
When considering asset protection, there are many tools and paths open to you. One specific option is using a trust. Trusts have historically been used for the purpose of asset protection, but have also been linked with tax planning and often tax avoidance. Nowadays, the likelihood of tax avoidance through the use of a trust […]
What is the Inheritance Tax on Property?
Inheritance tax relates to the estate left by a person when they die. This could be the amount of money they have, property they own or any other assets that belong to them. Gifts made during that person’s lifetime may also be affected by inheritance tax. There is generally no inheritance tax on property passed […]
Business Property Relief & IHT
If you own a business, or an interest in a business, your estate may be entitled to relief from Inheritance Tax. Business Property Relief (BPR) provides relief from Inheritance Tax (IHT) on the transfer of relevant business assets at a rate of 50% or 100%. Business Property Relief and IHT Inheritance Tax is the […]
What Are The Latest Inheritance Tax Changes?
Inheritance tax changes can affect reliefs, exemptions and other ways you are able to plan for and manage your inheritance tax liability. This means ensuring your will and any other estate planning are up to date with the latest changes and take account of the latest changes and their impact on how much inheritance tax […]
Inheritance Tax: Thresholds, Rates & Reliefs
Inheritance tax in the UK is payable at a rate of 40%. It is applied where the value of a person’s estate exceeds the tax-free threshold, which is currently set at £325,000. Inheritance tax liability can however be reduced through careful planning. Making a will and full use of exemptions, reliefs and other tax planning […]
How to Determine your Estate Planning Needs
To ensure your intended beneficiaries receive the maximum from your estate, it is always recommended to fully investigate your estate planning needs now to guard against unintended parties laying claim to part of the estate. Since no two estates are the same, there is no single solution to handling your estate planning needs. Regardless of […]