Inheritance tax and gifts

06 Sep 2019

A recent study found that just 45 per cent of people who are gifting assets or large sums of money understand inheritance tax (IHT) rules.

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Inheritance dispute settled by Judge using 100 year-old law

23 Aug 2019

A case in which a dispute arose between two step-sisters concerning the inheritance of their parents estate, who were found dead at exactly the same time, has been settled by a judge.

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New figures show that a quarter of estates paying Inheritance Tax (IHT) are investigated by HMRC

06 Aug 2019

The response to a Freedom of Information (FoI) request has revealed that as many as one in four estates that are liable for IHT are investigated each year. In 2018-19, more than 5,500 investigations were launched by HMRC into the approximately 22,000 estates that had to pay the tax. Despite the introduction of the Residence […]

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HMRC investigates a quarter of estates that pay IHT

25 Jul 2019

In the 2018 to 2019 tax year, HMRC opened 5,537 inheritance tax (IHT) investigations, which equated to almost a quarter (23 per cent) of the 22,000 estates on which the tax is applicable.

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Could the IHT seven-year rule on gifts be cut to five?

08 Jul 2019

At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40 per cent must be paid.

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Are you aware of the inheritance tax risks associated with gifting?

20 May 2019

According to new research conducted by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS), only one in four people who make financial gifts are aware of the inheritance tax (IHT) risks.

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Pass on up to £950,000 tax-free in 2019-20

08 May 2019

As of 6 April, direct descendants can inherit up to £950,000 completely free of inheritance tax from their parents or grandparents thanks to increases in the residence nil-rate band. This tax-free allowance on inherited property has risen from £125,000 to £150,000 this year and will rise again next year to £175,000. In order to qualify […]

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HMRC reveals inheritance tax payments have hit a record high

29 Apr 2019

According to data released by HM Revenue & Customs (HMRC) inheritance tax (IHT) payments have hit a record high.

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What happens if I want to explore trusts and other estate planning options?

04 Apr 2019

Exploring your trusts and other estate planning options enables you to detail your wishes regarding how you would like your estate to be managed so that your legacy can be passed onto the next generation in a tax-efficient way. Detailed below are a few things you should consider to ensure you are utilising your assets […]

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Last year saw surge in over 45’s asking for IHT advice

28 Mar 2019

The number of over-45s seeking estate planning advice has risen sharply in the past year as many struggle to understand inheritance tax (IHT) rules, research has shown.

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