Monthly Archives: March 2016

Living outside the UK

Posted on March 3, 2016 by - Uncategorized

What happens when someone dies?

When someone living abroad dies, the rules for paying Inheritance Tax (IHT) usually depend on:

• How long they lived abroad
• Whether their assets (property, money and possessions) are in the UK or abroad
• If their assets in the UK are‘excluded assets’
• If their assets were put into a trust (more…)

Giving to charity

Posted on March 3, 2016 by - Uncategorized

Reducing an Inheritance Tax – it’s good to give

A new rule began on 6 April 2012 that reduces the amount of Inheritance Tax due on an estate if at least 10% of the taxable amount is given to a charity – but not to one of the other exempt bodies, unless of course it is also a charity. (more…)

What a relief

Posted on March 3, 2016 by - Uncategorized

Assets that pass on free of Inheritance Tax

Inheritance Tax reliefs allow some assets to be passed on free of Inheritance Tax or with a reduced bill. (more…)

Gifts

Posted on March 3, 2016 by - Uncategorized

Small gifts that don’t create an Inheritance Tax liability

HM Revenue & Customs allows you to make a number of small gifts each year without creating an Inheritance Tax liability. Remember, each person has their own allowance, so the amount can be doubled if each spouse or registered civil partner uses their allowances. (more…)

Paying Inheritance Tax

Posted on March 3, 2016 by - Uncategorized

Estimating how much liability you could leave behind for your loved ones

Usually the ‘executor’ of the will or the ‘administrator’ of the estate pays Inheritance Tax using funds from the estate. (more…)

Reducing a potential Inheritance Tax bill

Posted on March 3, 2016 by - Uncategorized

Legitimate ways in which the 40% tax can be avoided

With careful planning and professional financial advice, it is possible to take preventative action to either reduce your beneficiaries’ potential Inheritance Tax bill or mitigate it out altogether. (more…)

Death and taxes

Posted on March 3, 2016 by - Uncategorized

No longer a tax that only the richest people in society have to face

As Benjamin Franklin said, the only things that are certain in life are death and taxes, and Inheritance Tax touches on both of them. When you die, the Government assesses how much your estate is worth and then deducts your debts from this to obtain the value of your estate. (more…)