Inheritance Tax (IHT) planning is undergoing significant changes in the UK, making it crucial for individuals to stay informed and proactive. Recent policy shifts and upcoming reforms are set to impact how estates are taxed, emphasizing the importance of strategic planning. Key Changes to Inheritance Tax (IHT): Frozen Thresholds: The IHT nil-rate band remains at...
Trustees of the Saint George Educational Trust have been removed and replaced with interim managers, after the Charity Commission for England and Wales (the Charity Commission) found the chairman had allowed the charity’s bank account to receive donations from unknown sources, which were then transferred to entities unknown to the trustees. The misconduct was discovered...
Inheritance Tax (IHT) can significantly burden families and businesses, but Agricultural Property Relief (APR) and Business Property Relief (BPR) have traditionally helped reduce liabilities. Recent discussions on reforming these reliefs have raised concerns for farmers and business owners. Understanding these changes is essential for effective inheritance tax planning and ensuring tax-efficient asset transfers. Understanding Agricultural...
The UK government has reported record-high inheritance tax (IHT) receipts, largely due to the continued freeze on thresholds. With property values rising and tax-free allowances unchanged, more families are now facing increased tax liabilities. According to a Euronews report, the total IHT receipts have reached unprecedented levels, raising concerns among taxpayers. Why Are UK Inheritance...
How to Avoid a Will Dispute Creating a Will is essential for ensuring your estate is distributed according to your wishes after passing. However, disputes over Wills are more common than you might think. Family disagreements, unclear instructions, and questions of legality can all lead to challenges in court. Taking a few proactive steps can...
How to revoke a Will? Revoking a will is a legal process that involves canceling or invalidating an existing will. In England and Wales, this can happen under several circumstances, whether by creating a new will, entering into a marriage, or even by physical destruction. Here’s a closer look at how and when a will...
Deceased’s Maltese properties were not held in trusts, says FTT The First-tier Tax Tribunal (FTT) has upheld HMRC’s determination that foreign properties part-owned by a deceased man were not held by a trust settled by a person domiciled outside the UK. They were thus liable to inheritance tax under s.5(1) of the Inheritance Tax Act 1984....
As a Muslim living in the UK, it is crucial to ensure that your wealth and assets are distributed according to both Islamic principles and UK laws after your passing. This is where an Islamic Will, or “Wasiyyah,” becomes vital. By drafting an Islamic Will, you ensure that your estate is distributed in line...
Understanding your ownership structure is vital when co-owning property, especially if you wish to control how your share of the property is handled after your passing. One important legal concept for property owners is the severance of tenancy, a process that can protect your interests and ensure your estate is distributed according to your...
Hundreds of Families Fall Foul of the Seven-Year Inheritance Tax Rule Inheritance Tax (IHT) can be a significant burden for many families, especially when they inadvertently fall into a trap laid out by complex tax regulations. One such rule that often catches people off guard is the seven-year inheritance tax rule. Understanding this rule and...
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Copyright by CareAccountancy. All rights reserved.
