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. You can… Continue reading Gifts
Category: Wealth Creation
What a relief
Assets that pass on free of Inheritance Tax Inheritance Tax reliefs allow some assets to be passed on free of IHT or with a reduced bill. The executor of a Will or administrator of an estate should claim the reliefs when they’re working out how much the estate is worth. Business Relief Business Relief allows a business… Continue reading What a relief
Giving to charity
Reducing an Inheritance Tax – it’s good to give A n estate can pay Inheritance Tax at a reduced rate of 36% on some assets (instead of 40%) if 10% or more of the ‘net value’ of their estate is left to charity. The net value of an estate is the total value of all… Continue reading Giving to charity
Living outside the UK
What happens when someone dies? When someone living abroad dies, the rules for paying Inheritance Tax 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 How… Continue reading Living outside the UK
A Will is the first step
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 are rules for… Continue reading A Will is the first step
Dying intestate
If there’s no valid Will When you die, your estate has to be distributed one way or another. If you have a Will, your executors have to gain a Grant of Probate in England and Wales or Northern Ireland (a Grant of Confirmation in Scotland). If there’s no valid Will, or the named executors in… Continue reading Dying intestate
Trust solutions
Different trust solutions to managing your wealth We can advise you on a range of different trust solutions, each designed with a particular purpose in mind. Some types of trust are treated differently for Inheritance Tax purposes. Many people would like to make gifts to reduce IHT but are concerned about losing control of the money.… Continue reading Trust solutions
Life assurance cover
Funding a potential Inheritance Tax liability After taking the appropriate steps to put in place an Inheritance Tax planning strategy, if there is still the potential likelihood of a liability on your estate, or if you have made gifts which have created a potential liability for the recipients if you die within seven years, we… Continue reading Life assurance cover
Open-ended investment companies
Investing in a variety of assets to generate areturn for investors Open-ended investment companies (OEICs) are stock market-quoted collective investment schemes. Like unit trusts and investment trusts they invest in a variety of assets to generate a return for investors. An OEIC, pronounced ‘oik’, is a pooled collective investment vehicle in company form. They may… Continue reading Open-ended investment companies
Annuities
An annuity is an investment which will pay you an income for the rest of your life, no matter how long you live. This is achieved by handing over your pension fund to an insurance company in return for an annuity when you retire. The insurer then guarantees to pay you an income for the… Continue reading Annuities
