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Inheritance Tax

Time To Review Your Will?

Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once a property is acquired or when children come along. In the absence of a will, there are statutory […]

Read more January 13th, 2021

Yet Another Chancellor – Big Changes In The Budget?

The last Budget was nearly 18 months ago and since then, we have had three different chancellors after the unexpected resignation of Sajid Javid. The early years of a new Parliament are usually a good time to make radical changes and many are predicting significant tax changes on March 11. Rather than increasing headline tax […]

Read more March 2nd, 2020

Will Inheritance Tax Be Simplified

An announcement to listen out for in the Spring 2020 Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in a previous article, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 […]

Read more February 10th, 2020

Passing On The Family Home

The Labour party were proposing to reverse the recent Tory party inheritance tax cuts if elected. They were referring to the additional nil rate band for passing on the family home. This additional relief should be taken into consideration when drafting your Will. We can work with your solicitor to make sure that your Will […]

Read more January 9th, 2020

New Year’s Resolution To Save Tax

Many will have made a New Year’s resolution and made plans on how best keep them. It is also a good idea to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2019/20 tax year […]

Read more January 9th, 2020

Gifts Out Of Surplus Income

Inheritance tax only applies to gifts of capital. There is currently a very generous exemption from inheritance tax for regular gifts out of income. In order to qualify for the exemption it is important to set up regular transfers. You must also be able to prove that after the regular gifts you are left with […]

Read more January 9th, 2020

More Money For Social Care?

In every General Election since 1997 there have been pledges by the various political parties to resolve the funding of care for the elderly in the UK but yet nothing has happened. It even sparked a dramatic U-Turn by Teresa May in 2015 with her proposal for a so-called “dementia tax”. With the care system […]

Read more December 11th, 2019

2019 Election Tax Proposals

More money for the NHS? The various political parties have all made bold promises in the run-up to the General Election about increased spending if elected, particularly extra money for the NHS. Although many of the spending pledges will be funded out of increased borrowing, the parties have assumed that they can persuade voters that […]

Read more December 10th, 2019

Inheritance Tax To Be Simplified

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may mean […]

Read more August 12th, 2019

Inheritance Tax Relief For Businesses And Farms

There is currently a very generous 100% relief from inheritance tax for passing on businesses and farmland during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off assets to pay the IHT due on […]

Read more August 12th, 2019

Year End Capital Tax Planning

Have you used your 2018/19 £11,700 annual capital gains exemption? Consider selling shares where the gain is less than £11,700 before 6 April 2019. In addition, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your […]

Read more March 12th, 2019

Christmas Is The Time For Giving

Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications. The IHT Annual Exemption – Use it or lose it! Although not particularly generous at £3,000 per donor per annum if […]

Read more December 6th, 2018

Lasting Power Of Attorney

Lasting Powers of Attorney (LPA) are considered to be one of the most important areas of planning you can put in place during your lifetime for yourself. Steve Bryan of Eagle Estate Planning led the implementation for the Mental Capacity Act (MCA) across Derbyshire between 2008 and 2012 and lectures on its application. The MCA […]

Read more June 19th, 2018

Proposed Changes To UK Domicile Rules

Where an individual is resident but not domiciled in the UK there are special rules that apply to that person’s overseas income and capital gains. Plus only their UK assets are charged to inheritance tax. The Government has been consulting this summer on possible changes to the rules from 6 April 2017. Currently, the UK […]

Read more December 23rd, 2016

Inheritance Tax Planning Using The New Lifetime ISA

The 2016 Budget announced a new “Lifetime ISA” that will be available to those aged between 18 and 40 from 6 April 2017. The Government will add 25% to the amount saved subject to a maximum of £4,000 a year (plus £1,000 from the Government). It seems there will be no requirement that the savings […]

Read more May 11th, 2016