Arriving at the amount of Inheritance Tax payable To arrive at the amount of Inheritance Tax potentially payable when valuing your estate, you need to include assets (property, possessions, investments and money) you own and certain assets you have given away during the last seven years. The valuation must accurately reflect what those assets would… Continue reading Valuing your estate
Category: Protection
Inheritance Tax Calculator
How much Inheritance Tax could you potentially have to pay? To estimate how much Inheritance Tax you may have to pay, add up the value of all your wealth, subtract your liabilities and the £325,000 nil rate band allowance, and then multiply the remainder by 40%. If you are married or in a registered civil… Continue reading Inheritance Tax Calculator
Make a Will
Sharing out your estate Planning your finances in advance should help you ensure that when you die, everything you own goes where you want it to. Making a Will is the first step in ensuring that your estate is shared out exactly as you want it to be. If you don’t make a Will, there… Continue reading Make a Will
Exempt gifts
Passing on parts of your estate There are some important exemptions that allow you to legally pass your estate on to others, both before and after your death, without it being subject to Inheritance Tax. Exempt beneficiaries You can give things away to certain people and organisations without having to pay any Inheritance Tax. These… Continue reading Exempt gifts
Taking vital steps before the new tax year
You need to act fast to avoid next year’s child benefit charges Families impacted by the high income child benefit charge need to act now to limit or avoid it in the next tax year. Doing this could make them potentially up to £2,449 better off, but they only have until the 6th April 2014… Continue reading Taking vital steps before the new tax year
Increases in the cost of childcare
Families are feeling the impact of benefit cuts The cost of bringing up a child has reached £227,266, up from £222,458 last year, with the first year of a child’s life seeing the largest increase. According to the annual ‘Cost of a Child’ report from protection specialist LV=, the cost of a child’s first year… Continue reading Increases in the cost of childcare
Tax attack
Legitimate planning could save you money by reducing a potential tax bill With tax increases the prospect for the foreseeable future, it is essential that you make the most of every available tax relief. Using the tax breaks available to you also makes good financial sense. Different ideas will suit different people. If you would like… Continue reading Tax attack
Minimising potential taxes and duties on your death
IMMEDIATE ACCESS TO YOUR PENSION FUNDS, ALLOWING YOU TO TAKE OUT WHAT YOU WANT, WHEN YOU WANT IT As your wealth grows, it is inevitable that your estate becomes more complex. Money saved via a pension can be passed on to a loved one, usually outside their estate and free of any death tax, provided… Continue reading Minimising potential taxes and duties on your death
Its good to talk
Don’t leave tricky money confersations hanging in the air this New Year The Family Financial Tree report from Standard Life looked at the family money tree over four generations and makes some surprising findings. It reveals how families collectively manage and have talked about their personal finances. The findings, based on survey data of over… Continue reading Its good to talk
Is your nest egg cracked?
Making sufficient financial preparations for the future Retirement savings have plummeted among those aged 55-64 over the past year as the cost of living continues to rise, according to Aviva’s latest Real Retirement Report. The report assesses the impact of financial pressures and concerns across the UK’s three ages of retirement: the 55-64s (pre-retirees), 65-74s… Continue reading Is your nest egg cracked?
