Inheritance Tax (IHT) can be a nasty surprise during the administration of a Will. New Year is the ideal time to check that you’ve done all you can to minimise the burden. Increasing property prices has had the effect of increasing the amount of Inheritance Tax many people are paying. There are ways of reducing […]
Read MoreWhen someone dies, the first £325,000 of their estate is exempt from Inheritance Tax (IHT). If they don’t use all of this allowance, it can be transferred to their spouse’s or civil partner’s estate in due course. This is known as the transferable nil rate band. This increases the exempt amount for the partner’s estate […]
Read MoreWhen someone is classed as being domiciled outside of the UK, Inheritance Tax will only be payable on their UK assets. A person’s domicile is usually their home or permanent place of residence. However some people may claim the place that their father was born as their domicile, or if their parents were unmarried, then […]
Read MoreResearch carried out by Direct Line Group has found that 25% of people who are married or co-habiting don’t know where their partner’s money is. This could cause problems in the event that someone dies. If the extent and whereabouts of their assets isn’t known, the administration of their estate could be delayed for a […]
Read MoreWhen someone dies, their estate may be liable to pay an Inheritance Tax (IHT) bill. We look at how to tell whether IHT is due and how it is calculated. The person responsible for dealing with someone’s affairs after their death, known as their personal representative, will need to work out whether any IHT is […]
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