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.... Grandparents can contribute too. "They can gift up to £3,000 each year with the money instantly falling out of their estate for inheritance tax (IHT) purposes," Haywood said. ... [Read full article on Daily Express ]
Wednesday 16th of August 2017 08:47:00 AM
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. The inheritance tax threshold has been frozen at £325,000 since 2009, hitting more bereaved families with the levy at a stinging rate of 40 per cent. ... [Read full article on Daily Express ]
Wednesday 16th of August 2017 04:05:00 PM
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....While many believe the value of their estate is likely to be eaten up by the Government's social care policy. Assets which fall above the £325,000 inheritance tax threshold, and the £100,000 extra allowance for the main home, will also be liable for the duty at a rate of 40 per cent. ... [Read full article on Daily Express ]
Thursday 17th of August 2017 03:45:00 PM
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Latest Finance News related to Inheritance Tax

Inheritance tax: How death duty could hit YOUR family  image
Source : Daily Express [Read Article] Friday 18th of August 2017 04:24:00 PM
....Millions of Britons have not taken any steps to protect their wealth from death duty, research by Drewberry Wealth revealed. More people are paying inheritance tax at a eye-watering rate of 40 per cent amid rising house prices and stock markets. ...
Inheritance tax: Shock poll reveals pensioners' DESPAIR at not leaving more to children  image
....While many believe the value of their estate is likely to be eaten up by the Government's social care policy. Assets which fall above the £325,000 inheritance tax threshold, and the £100,000 extra allowance for the main home, will also be liable for the duty at a rate of 40 per cent. ...
Inheritance tax: The trick that allows grandparents to avoid death duty image
Source : Daily Express [Read Article] Wednesday 16th of August 2017 04:05:00 PM
. The inheritance tax threshold has been frozen at £325,000 since 2009, hitting more bereaved families with the levy at a stinging rate of 40 per cent. ...
Student finances: How to manage money at university  image
Source : Daily Express [Read Article] Wednesday 16th of August 2017 08:47:00 AM
.... Grandparents can contribute too. "They can gift up to £3,000 each year with the money instantly falling out of their estate for inheritance tax (IHT) purposes," Haywood said. ...
Inheritance tax: The secret loopholes to help protect YOUR money from dreaded death duties image
....An additional £100,000 of allowance can be used to reduce the duty paid on a main home. But increases in stock markets, cash savings and inflation are helping to push more people into the inheritance tax bracket. ...
The Guardian view on Grenfell and the housing crisis: no more excuses | Editorial image
.... Take the universal problem of older people in houses that are bigger than they need. There is no incentive to downsize when there is no inheritance tax on a primary residence but there is 10% stamp duty on a house valued – as many family homes in London are – at over £1m. ...
INHERITANCE TAX SHOCK: Government rakes in £5BN record high from Britain's dead image
....9billion for the tax man in the 2016/17 tax year. And in the current 2017/18 tax year, inheritance tax receipts have already increased by 22 per cent. ...
How much do YOU pay in tax? Hardworking British families hit with £24k tax bill last year image
....Hardworking families are being taxed almost as much as the typical average salary and are hammered with a staggering number of levies. On top of income tax and national insurance, households are hit with council tax, fuel duty, VAT, as well as stamp duty, fuel duty and inheritance tax. ...
Why not fund the welfare state with a 100% inheritance tax? | Abi Wilkinson image
.... It appeals to the fundamental biological urge to protect your offspring and propagate your genes. Though only a small minority of estates are subject to inheritance tax in Britain as it currently stands, opinion polls consistently find that the majority of people oppose it. ...
Secure your worldly wealth: Tips to make sure you pass your wealth to the right person image
....If giving children assets, such as shares or a buy-to-let property, you could be liable for CGT on any profits when disposing of them. Connolly adds that giving assets away during your lifetime may reduce the size of your estate for inheritance tax purposes, although gifts are only entirely IHT-free if you live another seven years. ...
Your state pension in Dorset: £124,000. In Glasgow? £38,000 | Patrick Collinson image
.... The most under-taxed store of wealth in the UK is property, largely owned by an older generation. There are myriad ways to access it – capital gains tax, inheritance tax or even land value tax. ...
Taxman has his sights on Bank of Mum and Dad as complex rules increase  image
Source : Daily Express [Read Article] Wednesday 14th of June 2017 08:15:00 AM
....The Bank of Mum and Dad is busier than ever helping the younger generation climb onto the property ladder or pay for university tuition fees. However, new research shows that almost half of parents and grandparents fear incurring a hefty inheritance tax (IHT) bill because they fail to understand increasingly complex rules. ...
Labour plans inheritance tax raid: Jeremy Corbyn sets his sights on YOUR inheritance image
.... At the same time, those age 65 and over are sitting on record levels of property wealth. However, anyone banking on an inheritance to get on in life could see their hopes dashed if Jeremy Corbyn's Labour Party wins next week's election, as it is planning an inheritance tax (IHT) raid. ...
Tax on test: do Britons pay more than most? image
Source : Guardian [Read Article] Saturday 27th of May 2017 06:00:20 AM
.... Chris Burke of Spectrum IFA, who calculated the figures for us, says homeowners also pay an annual tax on the value of their property, currently around €900 on a home valued at €300,000, so slightly less than typical council tax rates in the UK. However, he says that inheritance tax has shifted enormously in recent years, having been raised to 19% during the financial crisis but now starting at just 1%. ...
The financial benefits of getting married in retirement image
Source : Daily Express [Read Article] Tuesday 23rd of May 2017 07:53:00 PM
....The number of people over the state pension age who are cohabiting is rising rapidly but they could face a financial sting in the tail, according to a new report from insurer Royal London. They are missing out on valuable tax allowances, state pension rights and inheritance tax benefits that could ultimately cost them tens of thousands of pounds. ...
The tax that pensioners should pay to fund care image
Source : Guardian [Read Article] Saturday 20th of May 2017 05:59:17 AM
.... It would remove the capriciousness of ill health, where one pensioner loses all but £100,000 in their home while his or her neighbour may lose nothing. The alternative is to substantially raise inheritance tax. ...
Labour reveals 'fat cat' tax pledge aimed at reining in excessive pay image
.... Those proposals, which were not included in last week’s leaked draft manifesto, will be published in a separate document. Money for a series of giveaways will come from reversing corporation tax and inheritance tax cuts and a proposal to hit City transactions with a “Robin Hood tax”. ...
Five minute guide to ever-increasing inheritance tax  image
Source : Daily Express [Read Article] Sunday 7th of May 2017 12:01:00 AM
. Britons are set to pay a punishing £5 billion in inheritance tax (IHT) this year, against just £3. ...
Inheritance tax: Four in five over-55s at risk of brutal death bills image
Source : Daily Express [Read Article] Friday 5th of May 2017 04:06:00 PM
....Rising property prices, on top of increased pension wealth, mean the baby boomer generation is in a position to pass on significant assets to their loved ones. Estates liable for inheritance tax face an average bill of nearly £175,000 each, according to pension provider Prudential. ...
Parents '10th biggest mortgage lender' image
Source : BBC [Read Article] Tuesday 2nd of May 2017 09:52:41 AM
Pensioners will carry on hoarding cash if state won’t step in image
Source : Guardian [Read Article] Saturday 29th of April 2017 04:00:03 PM
.... They must also dig deep to provide financial support, possibly for as long as they are alive. This trend lies behind the Tory promise to raise the inheritance tax threshold for couples to £1m by 2020. ...
Trump under fire over 'huge tax cut for the rich' image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:35:17 PM
. The Trump administration unveiled what it called the biggest tax cuts “in history” on Wednesday, in a move that will simplify the US tax system, slash taxes for businesses large and small – including Trump’s own – eliminate inheritance taxes and set the president on a collision course with Congress over the likely $2tn-plus cost of the proposal. ...
Reform property laws to reduce inequality | Letters image
Source : Guardian [Read Article] Wednesday 26th of April 2017 05:59:37 PM
.... There are technical puzzles around registration and valuation to be argued over, but the real obstacle is political. People who own the most valuable land would have to pay more than they currently do in council or inheritance taxes. ...
With a whiff of sulphur, George Osborne was gone – but for how long? | Polly Toynbee image
.... If he was genuinely a fiscal-rectitude iron chancellor, he would have pursued that goal. Instead, he gave out a mammoth £40bn in tax cuts to business and the better-off, in needless capital gains cuts and in this month’s new £1m inheritance tax threshold. ...
Five pension tax mistakes that could hit YOUR nest egg image
Source : Daily Express [Read Article] Friday 14th of April 2017 06:01:00 AM
.... This can mean paying more tax on a number of fronts. Once in the bank any returns are subject to tax and deposits also count towards your estate for inheritance tax purposes. ...
Probate fees plan is daft as well as devious | Letters image
Source : Guardian [Read Article] Tuesday 11th of April 2017 05:52:06 PM
.... This charge therefore could only be imposed retrospectively. That would reveal it for what it is: an increase in inheritance tax, but one not levied in a smoothly progressive manner. ...
What is probate? Is there anything I can do to avoid rising probate fees? image
Source : Daily Express [Read Article] Thursday 6th of April 2017 05:39:00 PM
.... . “Although this approach may be beneficial in saving probate fees on the first dying it may not always be beneficial from an inheritance tax point of view or, if the first dying spouse would prefer that the particular asset pass to someone other than their surviving spouse. ...
Inheritance tax rules changes 2017: Don’t get caught out – what it means for YOU image
. Under the old rules, properties valued at £325,000 or less were exempt from inheritance tax. ...
New inheritance tax rules: How to avoid death duty with new allowance  image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 03:19:00 PM
. From April 6, the inheritance tax allowance will become more generous for higher value homeowners, helping people to pass on more of their wealth to loved ones. ...
There’s no dodging death – but inheritance tax relief could save £1m image
. A new inheritance tax (IHT) allowance is being introduced this month, available to people who want to pass on their home to family members. ...
Cash in the pocket image
Source : BBC [Read Article] Friday 31st of March 2017 09:16:50 PM
....Couples who are married, or in a civil partnership, will now be able to pass on £850,000 in total without paying tax, an amount that will rise to £1m by 2021. How does inheritance tax work?. ...
Why becoming a tax haven would be bad news for Britain image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 06:30:42 PM
.... The simple fact is that wealth does not trickle down, even in tax havens. Almost without exception these places have no taxes on wealth, so inheritance taxes and capital gains taxes are absent. ...
Millions of older people may miss new inheritance tax break image
Source : Daily Express [Read Article] Tuesday 21st of March 2017 09:51:00 PM
. From April 6, the new family home allowance will allow homeowners to pass on an additional £100,000 in property value free of inheritance tax (IHT), rising steadily to £175,000 by 2020. ...
‘Our ability to save is non-existent’ – people respond to UK budget image
....Low returns mean McDermitt has given up on a cash Isa in favour of a stocks and shares Isa with a provider called Moneyfarm, but she suggests there is little incentive to save. “The personal savings allowance for most is a bit of an empty gesture and taxes such as inheritance tax seem so excessive, and unfair for families who’ve worked hard to provide a legacy for their next of kin. ...
Budget will hold no big surprises on spending or tax, chancellor says image
Source : Guardian [Read Article] Wednesday 8th of March 2017 06:33:22 AM
.... In April the personal allowance will rise to £11,500, and the basic rate limit will be increased to £33,500, meaning that the effective threshold for the 40p rate becomes £45,000. Inheritance taxOsborne’s inheritance tax giveaway, which will allow estates with gains from property sales to pass on an extra £175,000 tax-free on top of the existing £325,000, is another costly item for the chancellor to endorse. ...
Budget 2017: Philip Hammond urged to change inheritance tax rules image
Source : Daily Express [Read Article] Tuesday 7th of March 2017 02:28:00 PM
....Unused annual gifting allowances from the previous tax year can be carried forward to the current tax year. Passing on wealth before death can help people avoid the stinging 40 per cent rate of inheritance tax on assets outside the £325,000 threshold. ...
Simplify the tax system and the ‘economy will be more efficient’ image
Source : Daily Express [Read Article] Monday 6th of March 2017 08:33:00 AM
. The body wants the Government to do away with capital gains tax, stamp duty, council tax, business rates and inheritance tax. ...
Budget 2017: No 'spending sprees', Hammond warns image
Source : BBC [Read Article] Sunday 5th of March 2017 02:20:28 AM
....Also on the Marr show was Labour shadow chancellor John McDonnell, who said the National Living Wage should be increased to give workers a "pay rise". He said this, along with reversing changes to disability benefits and a cash injection for the NHS, could be funded by reversing £70bn in corporation, capital gains and inheritance tax cuts. ...
£220,000: the price super-rich will pay to keep their privacy image
Source : Guardian [Read Article] Sunday 5th of March 2017 12:04:29 AM
.... The tax is set to rise again in April 2017 to £220,350. From then the government will close a loophole that let non-doms avoid inheritance tax if they owned property via an offshore structure. ...
Five-minute guide to the new 'death tax' coming into force next May image
Source : Daily Express [Read Article] Sunday 5th of March 2017 12:01:00 AM
....6million will pay £8,000, rising to £12,000 up to £2million. Estates worth £2million or more will pay a stinging £20,000, on top of an inheritance tax bill that could be as much as £670,000. ...
More than half of new-build homes 'have major faults', plus the best city cycle schemes image
....Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Tory £1bn inheritance tax cut ‘will worsen north-south divide’. ...
Jump in death fees for large estates image
Source : BBC [Read Article] Wednesday 1st of March 2017 01:05:47 PM
....". Alison Morris, partner at Wilsons, said: "HM Revenue and Customs is already seeing record levels of inheritance tax receipts, and these fee hikes are yet another stealth tax on the wealthy families. ...
Tory £1bn inheritance tax cut 'will worsen north-south divide' image
Source : Guardian [Read Article] Tuesday 28th of February 2017 07:20:48 PM
. A £1bn Conservative inheritance tax cut will exacerbate the north-south divide, an MP has warned, as figures lay bare the winners and losers of a flagship government policy. ...
Will we pay higher stamp duty on a buy-to-let property? image
Source : Guardian [Read Article] Thursday 16th of February 2017 11:10:19 AM
.... On a property costing £220,000, which is not replacing your main residence, you will face a stamp duty bill of £8,500, which is £6,600 more than the tax at the standard rate. You will also have to pay income tax at your highest rate on your share of the rental income, plus capital gains tax (CGT) if you sell the property for more than you paid for it, and possibly inheritance tax (IHT) because the property will form part of your estate on your death. ...
Here's how being married still has its financial benefits image
Source : Daily Express [Read Article] Wednesday 15th of February 2017 08:07:00 AM
....uk/ apply-marriage-allowance. Marriage also brings inheritance tax (IHT) breaks that could be worth tens of thousands of pounds, says Lucy Brennan, partner at accountancy firm Saffery Champness: “Married couples and civil partners can pass assets to their other half completely free of IHT when they die and the tax benefits can be passed on when the second spouse dies. ...
Plan ahead to ease burden of death tax image
Source : Daily Express [Read Article] Wednesday 8th of February 2017 12:01:00 AM
....Many face bills of tens or even hundreds of thousands of pounds with the hated “death tax” charged at a swingeing 40 per cent. The number of estates paying inheritance tax (IHT) leapt by 15 per cent in the last year alone and has almost doubled in the last eight years. ...
Life insurance: Why it now pays to be healthy image
Source : Daily Express [Read Article] Wednesday 1st of February 2017 12:01:00 AM
....It also offers savings of up to 60 per cent on whole-of-life cover, which is where you commit to paying premiums for the rest of your life. Whole-of-life can be useful to pay for a funeral or other expenses on death, or to help meet a future inheritance tax liability. ...
 Act NOW to slash your tax bill: Self-assessment tax returns due by end of January image
Source : Daily Express [Read Article] Wednesday 11th of January 2017 12:01:00 AM
....” . You can cut your inheritance tax exposure by making gifts of up to £3,000 to a child or grandchild, plus another £3,000 if you did not do this last year. ...
Save on tax: 10 ways to - legally - cut what you pay to HMRC  image
Source : Daily Express [Read Article] Sunday 8th of January 2017 04:33:00 PM
Inheritance tax is toxic. We need new ways to tackle inequality | Polly Toynbee image
....” Does she mean to do anything about it, any more than Margaret Thatcher on the steps of Downing Street intended to follow the path of St Francis?. George Osborne left behind a lavish legacy for the rich that sees the inheritance tax threshold rising year by year, to £1m by 2020. ...
Young to inherit more but in less equal amounts, says IFS image
Source : BBC [Read Article] Thursday 5th of January 2017 11:05:09 AM
....Of those families likely to inherit that money, more than half were in the richest 20% of the population, based on their income. But Mr Johnson said raising the amount that people pay in inheritance tax was not necessarily the best answer. ...
Celebrity deaths: Stars highlight the inheritance tax risk image
Source : Daily Express [Read Article] Wednesday 4th of January 2017 12:01:00 AM
.... . Rachael Griffin, financial planning expert at Old Mutual Wealth, says: “This should serve as a reminder that inheritance tax (IHT) planning should be a new year resolution for many. ...
UK luxury homes market slumps after Brexit vote image
Source : Guardian [Read Article] Wednesday 7th of December 2016 07:36:12 PM
....The firm said the reduction in sales would have a significant impact on the government’s stamp duty tax take, and estimated that receipts would be down by £500m over the last six months. It said changes that bring properties owned by non-doms into inheritance tax could take that figure to £1bn by the end of the tax year. ...
Samsung tells South Korea corruption inquiry of 'gift horse' image
Source : BBC [Read Article] Tuesday 6th of December 2016 04:03:37 AM
.... His eyes moistened when his bed-ridden father was mentioned. And he gulped when asked how much inheritance tax he had paid. ...
Philip Hammond defends 'doom and gloom' Brexit forecast image
Source : Guardian [Read Article] Thursday 24th of November 2016 09:38:25 AM
....Speaking earlier on the programme, the shadow chancellor, John McDonnell, said Hammond had some wrong economic priorities given the uncertain economic climate. “They have given tax giveaways on capital gains tax, corporation tax, inheritance tax to the wealthy in our community and corporation, cutting universal credit to people they call Jams – just about managing – people going into work, looking after their families, doing everything they ask for,” he said. ...
The Observer view on the autumn statement | Observer editorial image
Source : Guardian [Read Article] Sunday 20th of November 2016 12:05:22 AM
....5bn a year by 2020, and keep corporation tax at its existing low rate, saving £2bn. He could also reverse Osborne’s £1bn inheritance tax cut for the very small proportion of families that own homes worth between £650,000 and £2m. ...
Writing a will isn’t a job you’ll relish, but it is a matter of life and death image
.... but knowing that your affairs are in order means you can get on living your life. With this paperwork in place, you can also make sure more of your estate goes to your loved ones rather than into the chancellor’s coffers in avoidable inheritance tax. ...
Sales of luxury London properties collapsed by 86% in past year image
Source : Guardian [Read Article] Monday 17th of October 2016 12:43:40 PM
....Naomi Heaton of LCP said: “A price correction was inevitable and is widely reflected in reports of price discounting. Whilst the long term outlook remains compelling, the luxury market is likely to experience continued instability especially in the face of the forthcoming ‘look through’ non-dom inheritance tax . ...
How to stop loved ones falling into pensions poverty image
Source : Daily Express [Read Article] Wednesday 5th of October 2016 08:03:00 AM
....”. Pensions are a particularly good way of passing on wealth to your family because the money is exempt from inheritance tax. ...
Here’s how over-55s can plan for the future with Free Wills Month image
Source : Daily Express [Read Article] Wednesday 28th of September 2016 12:00:00 AM
....“Sometimes, you will need to make two wills – one in the UK and one abroad – and the two must be consistent. ” Your property may even be subject to foreign inheritance tax. ...
Planning ahead for the future can help you avoid pitfalls image
Source : Daily Express [Read Article] Wednesday 21st of September 2016 12:11:00 PM
.... . Both can claim pensions and ISA tax benefits, and use their individual allowances to reduce capital gains tax or inheritance tax bills. ...
Inheritance tax payments on course for RECORD HIGH, new research suggests image
Source : Daily Express [Read Article] Tuesday 6th of September 2016 05:19:00 PM
.... . Gareth Shaw, head of consumer affairs at Saga Investment Services, said: “The latest figures suggest that 2016 will be a record year for property sales exceeding the inheritance tax nil-rate band. ...
Dukes and other super-rich are not the only ones who can reduce death duties image
....When the 6th Duke of Westminster died this month, his son Hugh Richard Louis Grosvenor took on not just his father’s title but also an inheritance estimated at £9bn. Under conventional inheritance tax rules (IHT), this could have resulted in a £3bn bill for the 25-year-old, a figure not far removed from the entire death duty take by the government for the last financial year. ...
Duke's £9bn inheritance prompts call for tax overhaul image
Source : Guardian [Read Article] Thursday 11th of August 2016 07:40:43 PM
....Thanks to a series of trusts, which are thought to date to the death of the 2nd Duke in 1953, Hugh and his three sisters will avoid having to pay the 40% levy ordinary families are faced with when parents die. “For people who are really wealthy, inheritance tax has become an optional choice,” said John Christensen, director of the Tax Justice Network. ...
Grosvenor Estate structure protects fortune from HMRC image
Source : Guardian [Read Article] Wednesday 10th of August 2016 06:33:24 PM
.... “In a discretionary trust you have a whole pick list of potential beneficiaries which the trustees can choose to appoint benefits to, but no individual beneficiaries can demand money. Money can stay in the trust and cascade down generation to generation for up to 120 years and nobody pays inheritance tax on it. ...
Reynolds painting accepted in lieu of £4.7m inheritance tax image
Source : Guardian [Read Article] Wednesday 10th of August 2016 02:03:18 PM
....An important 18th-century portrait of the 5th Earl of Carlisle by Sir Joshua Reynolds has been accepted for the nation in lieu of £4. 7m inheritance tax. ...

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