Tax Planning

12th June 2019

What is the transferable nil rate band in Inheritance Tax and how can you claim it?

When 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 […]

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29th May 2019

What Inheritance Tax liability do non-domiciled residents have in the UK?

When 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 […]

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13th March 2019

A quarter of people don’t have details of their partner’s assets

Research 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 […]

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20th February 2019

Inheritance Tax explained

When 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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2nd January 2019

How will the “stealth death tax” impact charities?

Charities are worried about the impact the new “stealth tax” could have on legacy giving. The Government is facing condemnation after its plans to hike the cost of applying for probate were revealed. Under the proposals, some grieving relatives would need to pay death taxes of up to £6,000 to secure legal control over a […]

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