Inheritance Tax Planning for Cohabiting Couples: 4 major (neglected) issues

Inheritance Tax Planning for Cohabiting Couples: 4 major (neglected) issues

In a recent YouGov survey about cohabitees legal rights, 35% of cohabitees either did not know what legal rights they had or believed that once they had lived together for a year they automatically had the same rights as married couple. In fact, if a relationship breaks down, the court cannot reallocate resources between them on the grounds of fairness and neither party is able to claim maintenance from the other for their own benefit.

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HMRC Tax Avoidance Challenges

HMRC Tax Avoidance Challenges

In the year of 2016/17, there were 26 cases of tax avoidance and HMRC won 24 cases out of 26 and had one case of a mixed result. These figures are slightly down compared to the year 2015/16 where HMRC won 23 out of 26 cases.

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Selling your business: 3 important things to consider

Selling your business: 3 important things to consider

One of the main issues for business owners when planning to sell their business/retiring is the lack of planning of the possible tax liabilities. In order to achieve the best outcome, you should plan well ahead of that time.

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Unsuspecting consumers being hit by IHT bill

Unsuspecting consumers being hit by IHT bill

In the tax year of 2016/17, IHT drew £4.7 billion from UK consumers and is estimated to be a third higher (£6.2 billion) in the upcoming 5 years – the inheritance tax amount being at 40% on anything over £325,000.

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Being an executor: Call to change tax rules

Being an executor: Call to change tax rules

If you are acting as an executor for your friends and family then you may face having Inheritance Tax bills yourself which you’ll have to pay with your own money if settling the estate takes more than a few months.

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Trust and Inheritance tax: Five good reasons to use a trust

Trust and Inheritance Tax: Five good reasons to use a trust

Trusts take an important role when estate planning. Trusts ensure assets can be easily managed by trustees and that the assets can be ring-fenced.

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Deed of variation

Deed of variation

If your estate is worth more than £325,000 then your beneficiaries will be faced with an inheritance tax bill of up to 40% of any amount over that sum on your death. For married couples, you can add together your £325,000 threshold and have a £650,000 threshold for IHT reasons, reducing IHT for your beneficiaries.

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You will need to review your will

You will need to review your will

The use of nil rate band discretionary trusts in wills were very common for those who exceeded the nil rate band limit in 2007. This means that if you left your estate in a discretionary trust on the second death, you need to review your will as soon as possible.

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Who should you leave your home to on death?

Who should you leave your home to on death?

LV Legal Services says that over 1.7 million people who are 55 plus have the potential to miss out on the newly increased nil-rate band as they have left the family home to a sibling rather than a direct descendant. One in 10 over 55s have decided to leave their estate to a sibling, meaning the new residential nil-rate band will not apply and will disqualify them from being able to use it.

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Tax benefits for married couples in the UK

Tax benefits for married couples in the UK

Marriage or civil partnerships, in the eyes of the law makes a large difference to a couple’s financial status. If you just live together, you could lose out on Inheritance Tax mitigation strategies, even if you have been partners for a long period of time.

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