by admin | Nov 28, 2024 | Inheritance Tax
There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person's lifetime. In most cases, gifts made during a person’s life are not taxed at the time they are given. These lifetime gifts are referred to as...
by admin | Nov 21, 2024 | Inheritance Tax
A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such as land, money and shares and which form part of the trust. The person who places assets into a trust is known as a settlor and the trust is for the benefit of one or...
by admin | Nov 7, 2024 | Inheritance Tax
It was announced as part of the Budget measures that the government will reform these reliefs from 6 April 2026. The existing 100% rates of relief will be maintained for the first £1 million of combined agricultural and business property. The rate of relief will...
by admin | Oct 31, 2024 | Inheritance Tax
A number of changes to Inheritance Tax (IHT) were announced as part of the Budget measures. We have covered each of the main measures below. It should be noted that these changes are not coming into effect until April 2026 at the earliest. IHT reliefs Changes were...
by admin | Sep 26, 2024 | Inheritance Tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor survives for more than seven years after making the gift. If...
by admin | Aug 15, 2024 | Inheritance Tax
The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren. The RNRB is available at a maximum...
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