The Chancellor Rachel Reeves announced a series of reforms to the UK Inheritance Tax (IHT) regime as part of the Autumn Statement on 30th October 2024. Below, we provide a summary of those key changes. Freeze on IHT nil-rate band and residence nil-rate band It was announced that the freeze on the IHT nil-rate band …
Ensuring the future security of our loved ones ranks high on the priority list for many individuals. While we cannot foresee what lies ahead, we can be realistic of what modern living involves and place proactive measures in place to guarantee the protection of our assets and the provision for our families in the unfortunate …
The Potential Consequences of Generosity We are often approached by clients who have received advice that they should consider gifting their house to their children as a means of avoiding this being sold to meet ongoing care costs in the future, or to minimise their Inheritance Tax liability on their death. However, the reality of …
Inheritance Tax (“IHT”) has been a devise subject for a long time. Now interest rate chaos has added to the burden many face when trying to settle IHT on a deceased’s estate. A combination of previous house price increases, soaring inflation and tax-free threshold of £325,000 which has been frozen since 2009 has resulted in …
If you are not sure what to do with inheritance, we have outlined some options available to you in this article. There are two potential situations. The first is you think that when your Mum, Dad or other relative dies, you will inherit. The second situation is that your Mum Dad or Auntie has died, …
For many people, their home is one of their most valuable assets, if not the most valuable. It is therefore an obvious candidate for lifetime estate planning. The question therefore often comes up as to whether it is possible for parents to give their home to their children and continue living there. The answer to …
Love is not in the heir – Online dating behind surge in over-65s remarrying The number of ‘silver splitters’ tying the knot after getting divorced early in life is at its highest in a decade, with dating sites and dating apps said to play a major part. Marriages among the over-65s have risen by the …
Estate planning for the next generation: Blended families and second marriages Modern families are changing beyond the traditional structure, with needs becoming ever more complex as structures change and families grow. One example of this is when people remarry, sometimes becoming what is known as a “blended family”. These issues can add complexity to estate …
Question: Can I get Inheritance Tax Relief? Answer: Yes – Education & Planning is the answer HM Revenue & Customs (HMRC) recently revealed that they had collected £5.5bn in Inheritance Tax (IHT) between April 2021 and February 2022. This shows that IHT has continued to “prove its worth to HMRC”, as quoted by Andrew Tully, …
While many people make arrangements for what should happen to their property and finances after they die, fewer people make arrangements for someone else to manage their finances for them during their lifetime, e.g. in the event that they lose mental capacity. According to the Office of the Public Guardian (OPG), although an estimated 40% …
