Inheritance Tax limit goes up
The increased allowance – The ‘Residence Nil Rate Band’ The new tax year has brought with it some welcome good news for those with larger estates with some new Inhertiance Tax allowances. The Residence Nil Rate Band has risen from £150,000 to £175,000 per person. The allowance is transferable between spouses and civil partners, so…
New Death Tax doesn’t need approval of MPs
A new tax? The substantial increase in probate fees announced yesterday is unusual in that it didn’t need Parliament to vote on it. Instead, The Fourteenth Delegated Legislation Committee voted on the new proposals surely you’ve heard of them). The new rules squeaked in with the vote being 9 to 8 in favour. So can…
Why the taxman likes Death in Service benefits
Many of our clients are worth more dead than alive. We find this fact to be completely unfair. HMRC, who collect Inheritance Tax, might take a different view. Life insurance is the culprit in many cases – the one kind of insurance that you hope never to make a claim on. However, we often overlook…
How to protect your estate from greedy family members
The blog below was originally written by Patti S. Smith, Attorney for Spencer Law Firm in Lancaster, PA in the USA. What really struck me is how many similarities there are with our legal sysytems and that all of the solutions apply to clients in England and Wales. With many thanks to Patti, I hope…