Christmas is the Time for Giving

With Christmas only a few weeks away, a traditional time for giving both in business and personally, we take a look at some of the tax rules that may affect you and the recipients of the gifts. Many were expecting the Chancellor to announce changes to Inheritance Tax (IHT) in … Continued

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Inheritance Tax on Gifts

When a gift is made to another person, the donor of that gift must give up all benefit from the gift for it to be registered as a ‘true’ gift for Inheritance Tax (IHT) purposes. If the donor retains some benefit from the gift, eg. a parent who transfer their … Continued

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Inheritance Tax on Wedding Gifts

Inheritance Tax on Wedding Gifts

In today’s ‘Insight’ Blog we take a look at Inheritance Tax on Wedding Gifts. Have you thought about giving a cash gift to someone close on the day of their wedding or civil partnership? This could not only be a generous gift, but can also be tax efficient for you.  … Continued

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Folkes Worton Insight

Gifts with strings attached

The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'.

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Folkes Worton Insight

IHT and foreign property

If a permanent home (domicile) is in the UK then any foreign situated property owned at date of death will be chargeable to Inheritance Tax. The site of an asset is usually the place where the asset

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Folkes Worton Insight

Gifts out of disposable income

There is an annual Inheritance Tax exemption of £3,000 for gifts. This exemption can also be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give

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Folkes Worton Insight

Will you pay tax on your inheritance?

If you inherit property, money or shares you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any

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Folkes Worton Insight

Inheritance Tax if you live abroad

The Inheritance Tax rules can be difficult to fathom when an expat or another person with connections to the UK living outside the country dies. The liability to Inheritance Tax in the UK depends

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