Estimating how much liability you could leave behind for your loved ones

Usually the ‘executor’ of the will or the ‘administrator’ of the estate pays Inheritance Tax using funds from the estate. (more…)

Legitimate ways in which the 40% tax can be avoided

With careful planning and professional financial advice, it is possible to take preventative action to either reduce your beneficiaries’ potential Inheritance Tax bill or mitigate it out altogether. (more…)

No longer a tax that only the richest people in society have to face

As Benjamin Franklin said, the only things that are certain in life are death and taxes, and Inheritance Tax touches on both of them. When you die, the Government assesses how much your estate is worth and then deducts your debts from this to obtain the value of your estate. (more…)

Higher stamp duty payable from April 2016

Buy-to-let landlords and people buying second homes from April this year will have to pay a
3% surcharge on the stamp duty charged for the property. (more…)

New tapered annual allowance for high earners

The pension tax relief system is about to be reinvented. The Government announced in the Summer 2015 Budget their intention to cut pensions tax relief for high earners by introducing a tapered annual allowance from 6 April 2016 for individuals with income (including the value of any pension contributions) of over £150,000, and who have an income (excluding pension contributions) in excess of £110,000. The rate of reduction in the standard annual allowance of £40,000 is by £1 for every £2 that the adjusted income exceeds £150,000, up to a maximum reduction of £30,000. (more…)