The Chancellor, Rachel Reeves, has extended the freeze on Inheritance Tax thresholds to 2030. The means that allowances remain the same in that up to £325,000 of a deceased estate can be inherited without paying IHT, rising to £500,00 if the estate includes a residence that passes to a direct descendent, such as from mother to daughter, and up to £1m when a tax-free allowance is passed to a surviving spouse or civil partner.
Inheritance tax, can you beat it?
A deed of variation (DOV) – is a legal document usually drawn up by a solicitor that allows you (if you are the beneficiary of an estate) to make changes to a will, in the name of the deceased, after their death.
Inherited a house that was slow to sell? You could be due a tax refund
If you’ve inherited a property that took some time to sell, you may be due a refund from the taxman.
Inherited a home? Watch out for the taxman
Investigations into inheritance tax (IHT) are increasing and those inheriting properties need to make sure that their inheritance tax accounts are perfectly in order.
Record inheritance tax receipts for the treasury
The taxman enjoyed a record £5.4 billion of inheritance tax receipts in the last financial year: an increase of 3.1% on the previous year. Insurer Canada Life predicts this figure will grow to £10 billion by 2030 as a result of the stagnant nil-rate band which isn’t keeping pace with inflation. Whilst the £325,000 allowance […]
The 3,000 per cent probate fee hike: what you can do
The costs of administering an estate are set to soar from next month when probate fees will increase by up to 3,000 per cent. Currently, applications cost a standard fee of £215 which reduces to £155 if using a solicitor. Where the estate is worth less than £5,000, the cost is zero. For estates that […]
Using Your Inheritance Gift Allowance at Christmas
Giving gifts to your loved ones can be an excellent way of reducing the size of your estate, and therefore your Inheritance Tax liabilities. But what about Christmas gifts? Are these tax exempt, or should you tread carefully when it comes to treating your loved ones this holiday season? Tax exempt gifts Unfortunately, there is […]