Are your Life Insurance policies in trust?
Most people are advised to take out life insurance when they buy a home to cover the mortgage and also ensure their children are protected in the event of early death. However, more than half a billion pounds is set to be wasted this year in Inheritance Tax as individuals fail to place their life protection policies “under trust”.
The Effect Of Increased House Price On Inheritance Tax
The boom in house prices across the UK and particularly in London may be making many home-owners feel better about their growing wealth. With the value of the average London home set to breach the inheritance tax threshold of £325,000 next year and homes in the South East likely to follow suit by 2019, many people will become higher rate taxpayers for the first time on their death.
Using The Value Of Your Business To Reduce Personal Inheritance Tax
If you spend most of your working time running a small business it is very easy to ignore, or to delay, putting in place suitable provisions to ensure that maximum value can be passed on to your heirs when you are no longer able to run the business. (more…)
Using Business Property Relief Plans to Avoid Inheritance Tax
Business Property Relief (BPR) was introduced in 1976, but over the past decade it has become an increasingly mainstream option. With the Inheritance tax allowance still stuck at £325,000 and house prices rising, more and more people are finding it can give them a way to reduce or eliminate the inheritance tax (IHT) bill their families are going to have to pay on their estate.