Passing on parts of your estate
There are some important exemptions that allow you to legally pass your estate on to others, both before and after your death, without it being subject to Inheritance Tax.
Exempt beneficiaries
You can give things away to certain people and organisations without having to pay any Inheritance Tax. These gifts, which are exempt whether you make them […]
Sharing out your estate
Planning your finances in advance should help you ensure that when you die, everything you own goes where you want it to. Making a Will is the first step in ensuring that your estate is shared out exactly as you want it to be.
If you don’t make a Will, there are rules for sharing out your estate […]
Providing you with simplicity and greater flexibility
Individual Savings Accounts (ISAs) have been around since 1999, providing a tax-efficient wrapper for savings and investments. However, in the recent Budget, the Chancellor, George Osborne, promised to increase the simplicity and flexibility of ISAs. As of 1 July 2014, there is now a single ISA which has been named the new ISA, or […]
Arriving at the amount of Inheritance Tax payable
To arrive at the amount of Inheritance Tax potentially payable when valuing your estate, you need to include assets (property, possessions, investments and money) you own and certain assets you have given away during the last seven years. The valuation must accurately reflect what those assets would reasonably receive in the current open […]
The later you leave it, the more limited your options will be
Successful planning is dependent on getting the foundations right, and it is most effective when it is conducted early. The later you leave it, the more limited your options will be. Current rules mean that the survivor of a marriage or registered civil partnership can benefit from up to […]