by admin | Sep 29, 2022 | Inheritance Tax |
In certain circumstances, a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However, beneficiaries who would be left worse off by the change...
by admin | Aug 25, 2022 | Inheritance Tax |
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate of someone who has died. One of these reliefs is known as IHT Business Relief and is a valuable tax relief for taxpayers with business...
by admin | Jul 28, 2022 | Inheritance Tax |
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'. These gifts or transfers achieve their potential of becoming exempt...
by admin | Jul 21, 2022 | Inheritance Tax |
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The allowance...
by admin | May 26, 2022 | Inheritance Tax |
Domicile is a general legal concept which in basic terms is taken to mean the country where you permanently belong. But actually, determining domicile status can be complex. HMRC guidance states that domicile cannot be defined precisely, but the concept rests on...
by admin | May 5, 2022 | Inheritance Tax |
There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who had died. One of these reliefs is known as Business Relief and is a valuable tax relief for taxpayers with business interests, offering either 50% or 100%...
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