Making use of your inheritance tax allowances
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at
Where a person has a property portfolio, they may consider giving away one or more of their investment properties during their lifetime to reduce the
Inheritance tax is often described as a voluntary tax. While most of us do not know in advance when we are going to die, there
Gifting assets during one’s lifetime is never an easy proposition even though by doing so inheritance tax (IHT) may be reduced in the long run.
For inheritance tax (IHT), there are potentially two nil rate bands available. The first – the nil rate band – is available to everyone and
Business Property Relief (BPR) is an attractive inheritance tax (IHT) relief potentially providing 100% tax relief in respect of qualifying assets (termed ‘relevant business property‘)
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a
The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible to try and
Where inheritance tax is payable on an estate, it must normally be paid by the end of the sixth month after that in which the
There are two nil rates bands for inheritance tax – the nil rate band of £325,000 and the Residence Nil Rate Band, set at £175,000
Although it is possible to transfer assets between spouses at a value that gives rise to neither a gain nor a loss, giving a property
Selling at property at below the probate value The property market is often volatile but throw a Coronavirus pandemic and a stamp duty holiday into
Capital gains tax implications of selling the buy-to-let There may come a time when a landlord no longer wants to hold a buy-to let property
Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs
Give from income to save inheritance tax Within a family scenario, there are many situations in which one family member may make a gift to
Making gifts to charity can be an effective way to reduce the amount of inheritance tax (IHT) payable on your estate. Charitable gifts can work
As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that
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