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Looking ahead in 2019 – Important Changes and Dates for Estate Planners

Looking ahead in 2019: Important Changes and Dates for Estate Planners

We’re now a couple of weeks into 2019 and have hopefully cleared any Christmas holiday backlogs, so now is a good time to look ahead at what’s to come over the course of the next year. Below is an overview of events to look out for: Probate Fee Changes It is expected that the new … Read moreLooking ahead in 2019 – Important Changes and Dates for Estate Planners

Office of Tax Simplification Inheritance Tax Review – First Report

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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

Who can apply under the 1975 Act?

Who can apply under the 1975 Act?

Whilst any person has testamentary freedom to leave their estate however they see fit, they should be aware that their freedom is slightly restricted by the Inheritance (Provision for Family and Dependants) Act 1975 (the 1975 Act). The 1975 Act gives the court powers to order financial provision from a deceased’s estate to benefit certain … Read moreWho can apply under the 1975 Act?

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

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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

Potentially Exempt Transfers (PETs)

Section 3A of the Inheritance Tax Act 1984 provides provisions specifically for Potentially Exempt Transfers (PETs). A PET is a transfer of value which is made during the lifetime of an individual; in other words, it is a gift of an asset and provided certain conditions are met, the PET can be exempt from IHT. … Read morePotentially Exempt Transfers (PETs)