New Pension and Inheritance Tax Rules: 10 Key Opportunities You Must Consider
Currently, pensions are exempt from inheritance tax (“IHT”) (charged at 40% on amounts exceeding the nil-rate band). However, following the Autumn 2024 budget, from 6 April 2027, HMRC has confirmed that most unused pension funds and death benefits will be included within the value of a person’s estate for IHT purposes. Pension scheme administrators will […]
I Don’t but I Will – Estate Planning for Unmarried Couples
Unmarried couples face unique challenges for estate planning. Unlike married couples, they don’t automatically benefit from spousal inheritance or tax benefits. Therefore, it’s essential for unmarried couples to proactively ensure their wishes are honoured and assets protected. Wills For unmarried couples, a Will is key for your estate planning because without one, the laws of […]
Taxing Times – Inheritance Tax (IHT)
UK inheritance tax (IHT) is a mandatory charge applied to the value of the deceased person’s estate that exceeds a set threshold. The estate could include, shareholdings, your home, other properties you own, your savings and any personal possessions. For UK-domiciles, IHT is charged on your worldwide assets irrespective of where you are situated. For […]
Is it right to avoid inheritance tax? And one of my favourite ways to mitigate it.
Is tax theft by the government? I think most people would concede that it isn’t, but rather a necessary means to provide protection of life, property and human intellect. You may think of some other benefits and I’d welcome your comments but in my opinion everything else is a subset of these three. Once we’ve […]
The case for inheritance tax – for and against
Jean-Baptiste Colbert, France’s celebrated 17th century finance minister under King Louis XIV, famously said the following: “The art of taxation consists in so plucking the goose as to procure the largest quantity of feathers with the least possible amount of hissing.” Or, to put it more bluntly, a successful tax should earn the government plenty […]
The steps cohabiting couples should take when drawing up a will
There’s no denying the huge steps forward seen in creating equality for same-sex couples in the UK during the 21st Century, first with the Civil Partnership Act 2004 and then the Marriage (Same Sex Couples) Act 2013. However, as heterosexual couples have marriage as the only option open to them to make their relationship formal, […]
The Only Certainties in Life? Death and Taxes.
Understanding what will happen to your money when you have died, is something that we all need to think about. As is often said: you can’t take it with you when you are gone. Unfortunately – dying and taxes remain the two things you can really expect, so for that reason alone, now is the […]