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. 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. ... [Read full article on Guardian ]
Wednesday 26th of April 2017 06:35:17 PM
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.... 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. ... [Read full article on Guardian ]
Wednesday 26th of April 2017 05:59:37 PM
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Latest Finance News related to Inheritance Tax

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. ...
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. ...

Pension freedoms under threat for millions of final salary savers
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Source : Telegraph [Read Article] Sunday 31st of July 2016 09:00:00 PM
....It would come at a time when record numbers of final salary savers are already cashing in their funds since the Government's pension freedoms were introduced last April, with some firms reporting requests from 14 times more customers than the previous year. The freedoms made final salary transfers more appealing as the new rules let savers spend their money freely instead of buying an income - and lets them hold it free of inheritance tax. ...

If Jeremy Corbyn is the problem, why is Owen Smith so keen to copy him? 
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....He may have been loathe to boil these down to five points - as that is what Tony Blair and Ed Miliband did - but the blizzard of pledges can't hide the fact that his platform is a pale imitation of Corbynism. The man who is meant to set out an alternative to Mr Corbyn shares his desire to reintroduce the 50p top rate of income tax, bring in a wealth tax and reverse the Conservatives' cuts to corporation and inheritance tax. ...

Early election? Theresa May must fantasise about the prize of trouncing Labour
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.... Cameron had enraged his own MPs over grammar schools in May 2007, and his leadership crisis only deepened after Mr Brown became prime minister. In the end, Mr Brown famously shrank back from calling an election in October, at least in part because he was spooked by George Osborne’s announcement of an inheritance tax cut and Mr Cameron’s bullish conference speech. ...

Labour leadership contest: Owen Smith says party should ‘smash Theresa May back on her heels’
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....He warned that the Tories would “flood” into the political space being vacated by Labour under Mr Corbyn unless there is a change in leadership. Mr Smith pledged to reinstate the 50p income tax rate, reverse the inheritance tax cuts, ban zero hours contracts and introduce a 1 per cent wealth tax in an attempt to win over Mr Corbyn’s supporters. ...
INHERITANCE TAX: More families falling into death duty trap image
Source : Daily Express [Read Article] Wednesday 27th of July 2016 08:03:00 AM
....Families are rushing to seek advice from specialist advisers to avoid the hated tax and secure their loved ones’ financial future, according to new research from insurer Prudential. More ordinary families are now being caught in the inheritance tax (IHT) trap, with receipts forecast to hit a record high of £4. ...

New inheritance tax 'penalises 28,000 for dying early' 
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Source : Telegraph [Read Article] Tuesday 26th of July 2016 12:29:58 AM
. Nearly 30,000 families paying inheritance tax in the two years from April 2015 should be compensated because the Government has taken too long to implement changes, campaigners have said. ...
London pays almost a third of UK tax, report finds image
Source : Guardian [Read Article] Wednesday 6th of July 2016 11:01:28 PM
....”. Economy taxes are tied to economic growth, the report said, and include income tax and national insurance contributions, VAT, land and property taxes, corporation tax, capital gains tax, inheritance tax and stamp duty on shares. ...
Why fear inheritance tax? Your cash will all be gone image
Source : Guardian [Read Article] Saturday 4th of June 2016 06:00:02 AM
.... The Pru’s research suggests that fewer than three in 10 people will leave any sort of inheritance, and those that do will average just £191,000. That is far below the current threshold for paying inheritance tax (IHT), which is £325,000 for a single person and twice that for a married couple, so not a penny from their estates will be heading into HM Revenue & Customs’ (HMRC) coffers. ...
Revealed: 9% rise in London properties owned by offshore firms image
Source : Guardian [Read Article] Thursday 26th of May 2016 05:21:34 PM
....Under current rules it is close to impossible to determine who owns a property held in an offshore company, but they are likely to include British as well as foreign buyers. Lawyers and accountants advise overseas buyers to use offshore companies legitimately to keep their identity secret and to avoid some taxes, including inheritance tax. ...
British property market has peaked, estate agency boss says image
Source : Guardian [Read Article] Tuesday 24th of May 2016 05:34:48 PM
....2bn in April. Over the last 12 months the Treasury has collected £11bn from stamp duty, almost as much as inheritance tax and capital gains tax combined, and much higher than budget forecasts, according to an analysis by accountants Blick Rothenberg. ...
The Crusader: Add value to YOUR pension with this advice image
Source : Daily Express [Read Article] Wednesday 18th of May 2016 10:01:00 AM
.... . "Pensions also offer some good inheritance tax planning advantages because children can inherit them without a tax charge. ...
If I die before my partner will he pay inheritance tax on our home? image
Source : Guardian [Read Article] Thursday 28th of April 2016 06:00:23 PM
.... I know that through a will, I can let my half pass to my partner. But if my half is above the inheritance tax threshold, does that mean if I die first, he then has to pay inheritance tax? PM. ...
Plans to stop collecting data on wealthiest 1% in UK criticised by IFS image
Source : Guardian [Read Article] Tuesday 19th of April 2016 06:58:43 PM
....The warning follows a debate about the assets and influence of Britain’s top 1% of wealthy households following the leak of the Panama Papers, which revealed the offshore holdings of many rich individuals. The IFS said calculations that failed to include the often complex web of trusts and jointly owned properties that the richest families use to avoid capital gains and inheritance tax would depress the overall measure of wealth. ...
Executive gravy train hasn’t hit the buffers yet image
Source : Guardian [Read Article] Sunday 17th of April 2016 06:05:16 AM
.... While there are some gains to be made from radical reforms, the limits here are obvious as NHS trust deficits soar, teacher shortages grow and local authority spending cuts bite. So maybe there is a way to switch around how we pay tax and at the same time increase the amount collected? Let’s say we scrap inheritance tax in favour of a tax on the beneficiaries. ...
House prices could fall over Brexit risk, plus Tesco to accept Sainsbury's vouchers image
....The Panama Papers have put tax in the spotlight. Patrick Collinson has the lowdown on Norway, the country where you can see everyone’s tax returns, and we have a brief guide to the history of inheritance tax. ...
IFS predicts future capital gains tax cuts will favour the rich image
Source : Guardian [Read Article] Wednesday 13th of April 2016 08:56:06 PM
....George Osborne cut the higher rate of capital gains tax from 28% to 20% and the basic rate from 18% to 10% in the last budget, but he excluded the sale of property, which is still taxed at the higher rate. The chancellor has also pledged to increase the threshold for paying inheritance tax from £600,000 to £1m by 2020 for a married couple. ...
How to reduce your inheritance tax bill: Five top tips image
Source : Daily Express [Read Article] Tuesday 12th of April 2016 02:21:00 PM
....” . If his mother Mary Cameron lives until 2018 - seven years after the gift - then inheritance tax will not be levied on two £100,000 payments made in 2011. ...
REVEALED: How the rich avoid paying inheritance tax - and you can TOO  image
Source : Daily Express [Read Article] Monday 11th of April 2016 04:37:00 PM
....Under current rules, up to £325,000 of inheritance can be passed on to others without being taxed. After this inheritance tax is charged on most assets and cash - it means a tax bill of £70,000 on an estate of £500,000. ...
How does inheritance tax work? image
Source : BBC [Read Article] Monday 11th of April 2016 12:12:43 PM
. Very few people pay inheritance tax (IHT) and it raises relatively little money for the Treasury. ...
Osborne likely to publish tax returns as No 10 says all leaders should image
....Cameron is likely to face parliamentary questions about the gift of £200,000 from his mother on top of the £300,000 inheritance he received following the death of his father in 2010. The payments by Mary Cameron to her son in May and July 2011 were given tax free, and will only become liable to inheritance tax of up to 40% if the prime minister’s mother dies within seven years of handing over the money. ...
Inheritance tax: a brief history of death duties image
Source : Guardian [Read Article] Sunday 10th of April 2016 04:40:31 PM
. Modern inheritance tax dates back to 1894 when the government introduced estate duty, a tax on the capital value of land, in a bid to raise money to pay off a £4m government deficit. ...
George Osborne under pressure to reveal if he has used tax havens image
Source : Guardian [Read Article] Sunday 10th of April 2016 02:49:48 PM
....The questions for Cameron, he added, were whether he benefited from the offshore trust before 2010, and why the money was placed in an overseas tax haven in the first place. On Saturday Cameron took an unprecedented decision to release his personal tax records, revealing that his mother had transferred two separate payments of £100,000 to his accounts in 2011, in lifetime gifts that will not be liable for inheritance tax after 2018. ...
PM sets up anti-tax dodging task force image
Source : BBC [Read Article] Sunday 10th of April 2016 09:44:52 AM
....One person's tax planning is another person's tax avoidance - so whether David Cameron's tax affairs are controversial or not is really a matter of where you stand on the payment of tax. Most tax accountants would advise a wealthy family on "gifts" - payments of money - to their children and how to ensure they are not liable for inheritance tax by making payments in tranches to avoid breaching tax thresholds. ...

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