Overseas Assets and UK Inheritance Tax
There are many misconceptions about how to take overseas assets into account for UK Inheritance Tax. This could result in many UK families paying large Inheritance Tax bills unless careful planning measures are taken.(more…)
What will the inheritance tax changes proposed by the Labour party mean to you? Please see a view from our tax advisor with over 17 years experience.
Who’s Going to Pay for Social Care?
In this current turbulent political landscape, specific issues are being overshadowed. The Centre for Policy Studies has recently highlighted something under the radar. The Rt Hon Damian Green has put proposals forward to address the issues of the ongoing social care crisis.
Estate Planning Myths That Just Won’t Die!
Estate planning remains probably the most misunderstood area of Financial Planning. Some clients think they just need a little Financial Planning but not any Estate Planning. Some consider themselves too old or too young to even think about it. Policy changes from HMRC that hit the headlines do nothing to inspire confidence in a notoriously complex system.
What Is Inheritance Tax?
Inheritance Tax (IHT) is a tax on the transfer of assets from one person to another. It is usually encountered when someone dies, and they leave their Estate to either one individual or a range of beneficiaries. However, lifetime gifts also have IHT consequences. The rate of IHT is generally 40%.
Tough New Tactics from HRMC
Attachment of Earnings Order – new agressive tool
Getting people to pay HMRC the money they owe has always proved to be tricky. In 2016 it spent £24m on private sector debt collectors but in 2017 the figure soared to £39m. HMRC now has a new, more aggressive tool at its disposal, known as an Attachment of Earnings Order. These are being used alongside the feared Accelerated Payment Notices (APNs).
A Sea Change for Landlords?
The Government is determined to build a housing market fit for the future. It aims to make the private rental market fairer and more transparent for tenants. In doing so, it will reduce the number of private landlords in the UK by making it less lucrative.
The long arm of HMRC?
The implications of the outcome following the Brexit referendum are still being finalised. However global financial institutions such as Goldman Sachs, Morgan Stanley, Deutsche Bank and others have said they will relocate workers to rival financial centres in Europe after March 2019. A survey by Reuters indicated up to 5,000 financial jobs could be moved, depending on the final terms agreed by the Brexit negotiators.
Could Inheritance Tax be abolished?
Rumours are swirling that Inheritance Tax may perhaps be abolished. It is tricky to navigate the current IHT regulations and many adults admit they find it baffling. Despite the ability for a couple to pass on £850,000 free of IHT, receipts this year increased by 8% to £5.2 billion.
Entrepreneurs Protect Your Wealth!
Entrepreneurs seeking to build and develop their businesses are understandably focussed entirely on their commercial objectives and too often forget about financial planning. It’s entirely understandable as cash is often tight in the initial stages. Spending money on lawyers to protect assets that may not be worth much at that stage could seem unnecessary.