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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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Residence Nil Rate Band: Who should you leave your home to on death?

Residence Nil Rate Band: 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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Why do you need a will and a trust?

Why do you need a will and a trust?

The reason you would make a will is so you have clear knowledge and clarity of whom and where your money and assets are going to go after your death with minimum delay and charges.

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Gifts out of income

Gifts out of income

Making gifts from your income to avoid Inheritance Tax

One question which always gets asked: How can I reduce inheritance tax on my estate when all my capital is tied up? One answer to that question is that if you can afford it then you can make lifetime gifts of capital. This is one of the most effective IHT planning strategies.

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Gifts to grandchildren

Gifts to grandchildren

It is rare for most people to make direct gifts to grandchildren in their wills as they would normally just pass it down to their children with the option of them passing it on to their children; however this is not the most tax effective way of doing it. Forward thinking can reduce the eventual overall tax.

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High net worth tax planning

High net worth tax planning

A third of the high net worth individuals (worth at least £20 million) of the UK are being looked at regarding tax affairs by HMRC. There is considered to be around 6,500 HNWs, which is 0.02% of all taxpayers. More and more taxpayers are being scrutinised by HMRC due to the HNW considerations for in depth scrutiny being halved to £10million.

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Gifts to avoid Inheritance Tax

Gifts to avoid Inheritance Tax

The making of lifetime outright gifts of assets is a straightforward tax planning device, if you can afford it. The value of the gift won’t be included in the IHT calculations if the transferor survives the date of the gift by at least 7 years.

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Inheritance Tax on the elderly

Inheritance Tax on the elderly

Data shows that Inheritance Tax payments to HMRC are due to rise sharply as it has revealed that the number of older people set to leave over £150,000 after death has doubled over the past 10 years.

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