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Inheritance Tax: Your Questions Answered
Many people worry about having to pay inheritance tax, but in reality only a few people have to pay it. Inheritance tax (IHT) is a tax on the whole estate of someone who has died, which includes their property, possessions and money. If the estate is valued at less than £325,000 no tax is payable.…
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Simplification of Inheritance Tax
The Office of Tax Simplification (OTS) is the independent adviser to government on simplifying the UK tax system, to make it easier for the taxpayer. The OTS makes recommendations for the government to consider. It does not implement changes – these are a matter for government and for parliament. A review of Inheritance Tax was…
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Tax Paid By Deceased Estates
When an individual dies it can take months or even years to wind up the estate and pay out the funds to all beneficiaries. In the meantime, those funds may earn bank interest. Since 6 April 2016, interest from banks, building societies and NS&I is paid without tax deducted, but it is taxable. Most people…
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New Rules About Wills and Inheritance Tax
There has recently been an announcement about new rules surrounding wills and inheritance tax (IHT). The rules make the legal situation more clear and precise, so it’s a good idea to ensure you have a will, chose your executors wisely, and let your close family members know you have a will.
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Will Inheritance Tax Make The Elderly Move Abroad?
Could UK Inheritance Tax Make The Elderly Move Abroad? We recently informed you about changes to Inheritance Tax rules. We have now uncovered fears that elderly people could be driven overseas by a Government clampdown on the use of trusts to prevent their assets being swallowed up by inheritance tax.