IHT exemption – normal expenditure out of income

IHT exemption – normal expenditure out of income

by | Jun 5, 2025 | Inheritance Tax

Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones and stay outside your estate without the seven-year survival rule. Wealthier individuals can benefit from a lesser-known but highly...
Changes to IHT from April 2025

Changes to IHT from April 2025

by | May 22, 2025 | Inheritance Tax

From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners entering long-term stewardship schemes will not lose IHT relief. From April 2026, a new £1 million limit will...
Probate waiting times halved

Probate waiting times halved

by | Feb 20, 2025 | Inheritance Tax

The Ministry of Justice (MOJ), together with HM Courts & Tribunals Service (HMCTS) and the Minister for Courts and Legal Services, has announced significant improvements in probate waiting times. Probate is a legal process through which a deceased person’s...
Gifts exempt from Inheritance Tax

Gifts exempt from Inheritance Tax

by | Feb 20, 2025 | Inheritance Tax

Navigating the intricacies of Inheritance Tax (IHT) can be daunting, but understanding the available gift exemptions and strategic planning can significantly reduce potential liabilities. By effectively utilising annual allowances, small gift exemptions, and planning...
Tax chores if managing a deceased person’s estate

Tax chores if managing a deceased person’s estate

by | Feb 6, 2025 | Inheritance Tax

When someone dies, their personal representative (executor or administrator) must value their estate to determine if Inheritance Tax (IHT) is due. This involves assessing assets, debts, and handling tax obligations throughout the estate’s administration period....
Tax return for deceased person

Tax return for deceased person

by | Jan 16, 2025 | Inheritance Tax

Inheritance Tax (IHT) impacts estates over £325,000, with rates of 40% on death and 20% on certain gifts. A 36% reduced rate applies if 10% of the estate is left to charity. Executors must value estates and may need to file tax returns for the deceased and their...