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...
At Care Accountancy, we understand the importance of efficient probate processing for our clients. In recent developments, the Probate Service has significantly reduced the turnaround time for digital probate applications, particularly in straightforward cases. This improvement is a welcome change for many families navigating the complexities of estate administration. Significant Reduction in Processing Delays...
Starting October 1st, courts in England and Wales will be able to impose legal costs on parties involved in Trusts of Land and Appointment of Trustees Act 1996 (TOLATA) and Inheritance (Provision for Family and Dependants) Act 1975 disputes who decline to participate in non-court dispute resolution methods, such as mediation. This authority, previously limited...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
