The UK government’s inheritance tax (IHT) receipts are on track to hit a staggering £9 billion by 2027, according to forecasts from the Office for Budget Responsibility (OBR). This sharp rise in UK Inheritance Tax (IHT) revenue reflects a combination of frozen thresholds and rising property values — factors that could impact many families who...
Inheritance tax (IHT) is becoming an increasing concern for many UK families. With the nil-rate band of £325,000 and the residence nil-rate band of £175,000 frozen until 2030, more estates are being caught in the tax net due to rising property values. According to HMRC data, IHT receipts have surged to £8.2 billion from April...
Cryptocurrency is a growing asset class, but many individuals overlook its importance in estate planning. Unlike traditional assets, digital currencies require special considerations to ensure they are accessible and protected after an owner’s passing. Without proper planning, beneficiaries may struggle to recover these valuable assets. Why Cryptocurrency Estate Planning Matters Unlike cash or property, cryptocurrency...
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...
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...
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...
What are the PETs and Gifts With Reservation of Benefit (GROB)? A gift, often referred to as a potentially exempt transfer (PET), is a transfer of value, such as an outright gift to a person or a willing sale of property while the owner is still alive. For Inheritance Tax (IHT) reasons, the value represents...
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Copyright by CareAccountancy. All rights reserved.
