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Inheritance Tax

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

“I’ve Done a Very Grown up Thing, I Made my Will”

In order to prevent your loved ones from experiencing financial difficulties, you can ensure that you write a Will and make certain that your Will is valid. A Will is a legal declaration of an individual’s intentions as to how he or she wishes to dispose of their property after death. Once you make a […]

Read more November 26th, 2015

Changes Affecting Non-Domiciled Taxpayers

The Chancellor announced a number of important changes to the tax treatment of individuals who are resident but not domiciled in the UK. Such individuals currently benefit from a number of tax advantages such as exemption from UK inheritance tax (IHT) on assets situated outside the UK and in some cases only being taxed on […]

Read more July 13th, 2015

Inheritance Tax And The Family Home

As mentioned last month the Chancellor has confirmed the introduction of an additional inheritance allowance that will be available in addition to the current £325,000 nil rate band which will, when fully phased in, allow a couple to pass on the family home tax-free up to a value of £1,000,000. The additional allowance, which will […]

Read more July 7th, 2015

Inheritance Tax Planning Before 6 April 2015

Have you made use of your annual inheritance tax exemptions? The general annual exemption is £3,000 per donor (plus last year’s £3,000 exemption if you did not use it). Also consider making regular gifts out of your income to minimise the growth of your estate that will be liable to IHT, as these gifts will […]

Read more March 10th, 2015