Posts Tagged ‘IHT’

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Taking Preventative Action

Reducing your beneficiaries’ potential Inheritance Tax bill – or mitigating it out altogether. With careful planning and professional financial advice, it is possible to take preventative action to either reduce your beneficiaries’ potential Inheritance Tax bill or mitigate it out altogether. 1. MAKE A WILL A vital element of effective estate planning is to make [...]

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Keeping it in the family

Careful planning can reduce or even eliminate the Inheritance Tax payable. Intergenerational planning helps you put financial measures in place to benefit your children later in life, and possibly even your future grandchildren, so it’s important to start planning early. You may want to keep an element of control when passing on your assets. You [...]

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Paying Inheritance Tax

Estimating how much liability you could leave behind for your loved ones Usually the ‘executor’ of a Will or the ‘administrator’ of the estate pays Inheritance Tax (IHT) using funds from the estate. An executor is a person named in the Will to deal with the estate – there can be more than one. An [...]

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HMRC Focus on Inheritance Tax Returns

HMRC investigated almost one in four inheritance tax (IHT) returns in 2017/18, according to research published in September by UHY Hacker Young. HMRC can impose penalties of up to 100% of the tax due on UK estates that underpay. These penalties apply even though it is often a family member who acts as executor after [...]

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Estate planning for unmarried couples: what you need to know

There is a misconception that unmarried couples who have lived together for a long time – and maybe even had children together – will, for legal purposes, be treated as a married couple. However, this simply isn’t true. And when it comes to estate planning, the ‘default’ legal positions for married and unmarried couples are [...]

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Inheritance Tax: the silent tax collector

The government’s receipts from inheritance tax (IHT) have been rising much faster than the yield from other taxes. In a recent report on the changing nature of UK tax revenues, the Institute for Fiscal Studies (IFS) noted that “There is an increased reliance on smaller taxes”. It attributed this shift to the political difficulties in [...]

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PK Partnership cost of financial advice

Can you really avoid inheritance tax?

Inheritance tax (IHT) was once famously described as “a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue” by Roy Jenkins, a former Chancellor of the Exchequer.  When Gordon Brown was Chancellor of the Exchequer, he called IHT a ‘voluntary tax’ because he said there were many ways [...]

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