Changed circumstances, change your Will
We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of
Category: Inheritance Tax
Ken Dodd has the last laugh
The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of
More on inheritance tax shakeup
The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system. In a letter dated 19 January 2018 the Chancellor Philip Hammond wrote to the OTS to request a
Can you change a Will after death?
One might expect that the answer to this question would be a definitive no. However, under certain circumstances a will can actually be changed after death. This is done by using what is known as a
Pre-owned assets income tax charge
The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on
Do you pay tax on assets or cash you inherit?
As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to
Who inherits if someone dies without a Will?
The intestacy rules that govern how assets are divided if someone dies without making a will changed from 1 October 2014. The changes do not affect people who die with less than £250,000 in assets but
Main Residence Nil Rate Band
The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into
Inheritance Tax main residence nil-rate band
The new Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a new transferable allowance for married couples and civil partners (per person) when their
Inheritance Tax main residence nil-rate band
The new Inheritance Tax main residence nil-rate band (RNRB) comes into effect from 6 April 2017. The new RNRB is in addition to the existing £325,000 Inheritance Tax Nil-Rate Band (NRB) threshold.