by admin | Feb 19, 2020 | Inheritance Tax |
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 be paid if the value of the estate is below the IHT nil...
by admin | Dec 18, 2019 | Inheritance Tax |
We thought it would be useful to remind our readers of the IHT implications of making cash gifts this Christmas. You can give away up to £3,000 worth of gifts each tax year. This is known as your annual exemption. Any unused part of the annual exemption can be...
by admin | Dec 18, 2019 | Inheritance Tax |
The majority of gifts made during a person's life, including gifting away a home, 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...
by admin | Dec 11, 2019 | Inheritance Tax |
There are a number of reliefs available that can reduce liability to IHT. The most relevant for farmers is the Agricultural Property Relief (APR). Relief is available at a rate of 100% or 50% depending on who farms the land and how long the land has been owned....
by admin | Dec 4, 2019 | Inheritance Tax |
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is 40% on death and 20% on lifetime gifts. There is a nil-rate band,...
by admin | Nov 27, 2019 | Inheritance Tax |
A life policy is a contract with an insurance company. In exchange for premium payments the insurance company provides a lump-sum payment to beneficiaries if the policy holder dies during the terms of their policy. There are various types of life policies...
Recent Comments