Changing a will after death

Changing a will after death

by | Sep 29, 2022 | Inheritance Tax

In certain circumstances, a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However, beneficiaries who would be left worse off by the change...
IHT Business Relief

IHT Business Relief

by | Aug 25, 2022 | Inheritance Tax

There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate of someone who has died. One of these reliefs is known as IHT Business Relief and is a valuable tax relief for taxpayers with business...
Gifts with reservation

Gifts with reservation

by | Jul 28, 2022 | Inheritance Tax

The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt...
Qualifying for residence nil rate band

Qualifying for residence nil rate band

by | Jul 21, 2022 | 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...