Inheritance Tax and potentially exempt transfers

October 01, 2018 | by Sian Kelly | No comments

It is possible to make gifts during your lifetime free of Inheritance Tax (IHT), as long as you live for more than seven years after making the gift. Most lifetime transfers are ‘potentially exempt transfers’ (PETs).

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Pension funds can be very effective in estate planning

March 28, 2018 | by Sian Kelly | No comments

As well as the increased flexibility in terms of drawdown arrangements that were introduced in April 2015 there were some important changes to what happens to the undrawn funds on death. These changes mean that your pension fund can be passed to survivors tax efficiently.

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How can a loan trust save inheritance tax (IHT)?

September 12, 2017 | by Sian Kelly | No comments

A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust.

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Inheritance Tax- the Residence Nil Rate Band and downsizing

August 02, 2017 | by Sian Kelly | No comments

The residence nil rate band (RNRB) is an additional nil rate band, which is available where a death occurs on or after 6 April 2017 (or, in the case of married couples and civil partners, the death of the second spouse/civil partner occurs after that date) and the property is left to direct descendants.

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IHT estate returns

May 12, 2017 | by Sian Kelly | No comments

When someone dies, there are forms to fill in and send to HMRC. There are different forms and the correct forms depend on whether or not there is any inheritance tax to pay.

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Inheritance tax- residence nil rate band (RNRB)

March 28, 2017 | by Sian Kelly | No comments

From April 2017, a new nil rate band – the residence nil rate band (RNRB) – is available for inheritance tax purposes. It increases the amount that can be left free of inheritance tax when the estate includes a residence (or a share in a residence) that is left to a direct descendant.

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