1. IHT: exemption for emergency service personnel and humanitarian aid workers The existing inheritance tax (IHT) exemption for members of the armed forces who die or whose death is caused or hastened by injury while on active service will be extended to emergency service personnel and humanitarian aid workers responding to emergencies. The extension will […]
This is a question often asked of us tax advisers in pubs (usually after the person speaking to us has stopped shouting at us about having to pay too much tax). Prior to the eighteenth century, the calendar year began on 25th March and so it was quite natural for the tax year to start […]
The end of the tax year is fast approaching but a window of opportunity remains for families and business owners to make best use of their 2013/14 tax allowances and get themselves in the best possible shape the 2014/15 tax year.
There are 3 key business reliefs that every business owner should review annually – if you meet the criteria, these are available simply by claiming them (but if you don’t ask, you don’t get):
The Media may focus on the Budget this week, but business owners should reflect on the changes announced already, that are due to come into effect from 1 April for companies and 6 April for everyone else. Here is a roundup of the Top 5 of those changes that we anticipate will affect the most […]
Inheritance tax is charged at 40% on your estate if you leave more than £325,000 as a single person or £650,000 as a surviving spouse or civil partner. You can, however, reduce your liability to inheritance tax by making the most of the lifetime tax free allowances:- gifts up to the value of £3,000 per […]
If you give a right to occupy a property for life under a will, this will create a life interest the value of which will form part of the occupant’s estate for IHT purposes. This is known as an Immediate Post Death Interest, or IPDI. If the will only grants a limited right of occupation […]
The personal representative or Executors of a deceased individual must value the deceased’s estate at the date of his death to determine its liability to inheritance tax (IHT). A deceased’s estate is defined (section 5, Inheritance Tax Act 1984 (IHTA 1984)) as the aggregate of all the property to which he is beneficially entitled immediately before his death. One question faced by Executors is whether any potential […]
Many rental properties are owned jointly, but only up to 4 names may be registered with the Land Registry. It is therefore very common for joint owners of property to enter into a Declaration of Trust to document the full ownership structure. Declarations of Trust may be used where there are fewer than 4 owners, […]
An Asset Protection Trust is a structure that does what its name suggests – it is designed to help protect assets by holding them in trust. Developed by English common law over hundreds of years, Asset Protection Trusts are now used in many jurisdictions the world over, including the US, Channel Islands and several offshore […]