Business Relief for IHT

Business Relief for IHT

by | May 11, 2023 | Inheritance Tax

There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT). One of these reliefs is known as IHT Business Relief and is a valuable tax relief for taxpayers with business interests, offering either 50% or 100% relief from IHT on the...
Exempt gifts paid out of income

Exempt gifts paid out of income

by | Apr 13, 2023 | Inheritance Tax

There is a flexible exemption from IHT for taxpayers who make tax exempt gifts and payments that are paid as normal expenditure out of income. With proper planning this can be a useful tool to enable grandparents, for example, to help pay school fees for their...
Transferring nil rate band for Inheritance Tax

Transferring nil rate band for Inheritance Tax

by | Mar 23, 2023 | Inheritance Tax

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.  The allowance...
Valuing an estate for IHT purposes

Valuing an estate for IHT purposes

by | Mar 9, 2023 | 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. The current IHT nil rate band...
Making a claim on an unclaimed estate

Making a claim on an unclaimed estate

by | Feb 16, 2023 | Inheritance Tax

There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would not be in...
Have you utilised 2022-23 IHT allowances and reliefs?

Have you utilised 2022-23 IHT allowances and reliefs?

by | Feb 2, 2023 | Inheritance Tax

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023. You can give away up to £3,000 worth of gifts each tax year. This is known as your annual exemption. Any...