The UK Government’s Potential Move to Abolish Inheritance Tax (IHT)
Category: inheritance tax & News
Inheritance tax: the recent changes you need to know about as you plan
Category: Inheritance & inheritance tax & Tax
Budget 2015: Practical applications of the new Inheritance Tax rules
Category: inheritance tax & Uncategorized
Inheritance tax, once only paid by the super-rich, has become a middle-class plague as house prices have soared. But millions will now escape this unpopular âdeath dutyâ thanks to a chunky new allowance announced by the Chancellor. For all bar the wealthiest, inheritance tax should no longer be a problem. The new rules mean family members will be able to inherit as much as ÂŁ1 million from 2020 without paying 40% death tax â so long as the estate goes to children or grandchildren and includes a family home worth between ÂŁ650,000 and ÂŁ2m.
IFS Reviews Conservative Inheritance Tax Proposal
Category: inheritance tax & Uncategorized
Inheritance Tax (IHT) applies to (some) wealth that is transferred on, or shortly before, death. The tax is currently charged at 40%, with each individual receiving an allowance of ÂŁ325,000, before the tax is applied. Any unused proportion of this allowance is transferable to a surviving spouse or civil partner, effectively doubling the inheritance tax threshold for many couples. An Institute of Fiscal Studies (IFS) observation published last year considered the case for radical reform of IHT.
Family finances: discussing simple core finances more may help your whole family in the long-term
Category: Family & inheritance tax & Lifestyle & pensions & retirement & Uncategorized & Wills
Many of us are still uncomfortable when it comes to discussing our family finances, but doing so can help the whole household to save money and ensure that wealth within the family is protected for future generations.
A Beginnerâs Guide to Inheritance Tax
Category: inheritance tax & Tax & Uncategorized
Inheritance Tax is due in the UK when a personâs estate â their property and possessions â is worth more than ÂŁ325,000 when they die. This figure is called the âInheritance Tax Thresholdâ. The rate of Inheritance Tax due is 40% on anything above the threshold, however the rate may be reduced to 36% if more than 10% of the estate is left to charity.