WillPack

IHT Benefits of Spouses and Civil Partners

IHT Benefits of Spouses and Civil Partners

Spouses and civil partners receive a number of IHT benefits over unmarried couples, both in lifetime and on death. These various reliefs and exemptions also open up many more IHT effective methods of planning in their wills. This article will provide an overview of these benefits. Gifts in Anticipation of Marriage If a client knows … Read moreIHT Benefits of Spouses and Civil Partners

Office of Tax Simplification Inheritance Tax (IHT) Review – Second Report

Inheritance Tax (IHT) Review

Last year, the Office of Tax Simplification (OTS) was asked by the Chancellor of the Exchequer to conduct a review into Inheritance Tax (IHT). The OTS’s findings are being published in two reports. The first was published at the end of November 2018 which covered administrative concerns. Information on the first report can be found … Read moreOffice of Tax Simplification Inheritance Tax (IHT) Review – Second Report

Office of Tax Simplification Inheritance Tax Review – First Report

Inheritance Tax (IHT) Review

Last year, the Office of Tax Simplification (OTS) was asked by the Chancellor of the Exchequer to conduct a review into Inheritance Tax (IHT). Their call for evidence received a record amount of responses from both professionals and members of the public. The OTS’s findings are being published in two reports. The first report, covering … Read moreOffice of Tax Simplification Inheritance Tax Review – First Report

Options for Inheritance Tax Planning

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Continuing from last week’s article, there are options available to the testator(s) when it comes to Inheritance Tax (IHT) planning. Some planning can simply be done by a well drafted Will, whilst others will require lifetime planning. The best approach will depend on the factors covered in last week’s newsletter. What options are available with … Read moreOptions for Inheritance Tax Planning

Considerations for Inheritance Tax Planning

IHT Considerations

An important part of estate planning is to determine if the testator has an Inheritance Tax (IHT) liability. IHT is a tax charged when wealth changes hands, most commonly charged on death, but may also be charged during lifetime. IHT is charged when assets above the Nil-Rate Band (NRB) are passed. Each person has their … Read moreConsiderations for Inheritance Tax Planning

Inheritance Tax Planning for Unmarried Couples

Inheritance Tax Planning for Unmarried Couples

The legal position of cohabiting couples varies to that of a married couple and they do not receive some of the benefits that married couples receive. Inheritance tax planning that is common place and simple for married couples may not therefore be the best option when it comes to unmarried couples. A married couple can … Read moreInheritance Tax Planning for Unmarried Couples

Survivorship Clauses and Commorientes

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Survivorship clauses between spouses will often include provisions so that the survivorship period will not apply if they both die in circumstances where it is uncertain who survived the other, for example in a plane crash. The reasons for this inclusion is a very specific inheritance tax advantage where spouses die together, and it cannot … Read moreSurvivorship Clauses and Commorientes

Inheritance Tax Review – An Update

Inheritance Tax (IHT) Review

Potentially changing the Inheritance Tax regime is big news at the moment and the past few weeks have provided some interesting developments. As mentioned in a previous article, the Chancellor of the Exchequer has requested that the Office for Tax Simplification carry out a review of the Inheritance Tax regime. Soon after this, the Office … Read moreInheritance Tax Review – An Update

Inheritance Tax Exemptions and Allowances

Where clients are wishing to reduce their potential inheritance tax liability, there are lifetime inheritance tax exemptions and allowances they should be made aware of. For a number of these, they may need to seek regular advice from tax specialists to ensure that they will qualify for an exception or do not exceed an allowance. … Read moreInheritance Tax Exemptions and Allowances

Chancellor requests a review of Inheritance Tax

Review of Inheritance Tax

In a letter published on the 31st January, the Chancellor of the Exchequer has requested that the Office for Tax Simplification carry out a review of the inheritance tax regime. The Chancellor has acknowledged that the inheritance tax system is complex and wished for simplification to ensure that the system is fit for purposes and … Read moreChancellor requests a review of Inheritance Tax