The 7-Year Rule is an important part of inheritance tax (IHT) that affects both anyone giving gifts and those receiving them. If you live for seven years after giving a gift, no inheritance tax is usually due on that gift, which can reduce your estate’s tax burden significantly. Understanding how this rule works can help […]

If you want to reduce the amount of inheritance tax your family has to pay, there are legal ways to do it. You can lower your inheritance tax bill by using strategies like gifting money during your lifetime, making use of your tax-free allowances, and passing property to your children or grandchildren. These methods help […]

If you own a business or part of one, you could be missing out on significant savings when it comes to Inheritance Tax. Business Relief offers the chance to reduce the taxable value of your estate by 50% or even 100% on qualifying business assets. This relief can make a big difference in how much […]

As you consider the future of inheritance tax in the UK, it's essential to understand the shifts that may impact how wealth is transferred. Recent forecasts suggest that inheritance tax will continue to contribute significantly to government revenue, with estimates indicating a collection of £8.3 billion in 2024-25. This figure highlights the importance of staying […]

Navigating inheritance tax can be complicated, especially when it comes to investments in cryptocurrencies. If you own crypto assets, it's essential to understand how these digital currencies are treated under UK tax law. Cryptocurrency is considered property for inheritance tax purposes, meaning it is included in your estate and subject to tax based on its […]

Navigating inheritance tax planning can be challenging, especially for blended families with different needs and expectations. You may worry about ensuring that all your loved ones, including biological children and stepchildren, receive a fair share of your estate. To achieve this, clear communication, a well-structured estate plan, and possibly the use of trusts can help […]

Inheritance tax can significantly affect family-owned art and antiques, which are often valuable assets within an estate. Understanding how inheritance tax applies to these items is crucial for effective estate planning. Without proper strategies in place, your family could face unexpected financial burdens when trying to retain treasured pieces of art or collectibles. Art and […]

Planning for inheritance tax on agricultural and rural estates is crucial for anyone involved in farming or managing land. Being aware of options like Agricultural Property Relief (APR) and Business Property Relief (BPR) can significantly reduce the tax burden and help preserve your estate for future generations. Understanding these reliefs allows you to make informed […]

When dealing with the passing of a loved one, executors play a crucial role in managing the estate’s finances, including any inheritance tax liabilities. Understanding your responsibilities as an executor is vital, especially since you must ensure that all taxes are paid on time to avoid penalties. This task can feel overwhelming, particularly when you […]

Lifetime trusts can be a powerful tool in your estate planning strategy. They allow you to transfer assets while maintaining control during your lifetime. By placing your assets in a lifetime trust, you can effectively shield them from inheritance tax, ensuring that more of your wealth is passed on to your beneficiaries. Understanding how inheritance […]

How to Minimise Family Disputes Through Careful Will Writing: Strategies for Peaceful Inheritance When writing a will, it is crucial to think about how your decisions will affect your loved ones. A well-crafted will can significantly reduce the chances of family disputes by clearly outlining your wishes regarding estate distribution and beneficiaries. Many families face […]

Structuring your family business effectively can safeguard your legacy while minimising inheritance tax. Implementing tax-efficient strategies such as utilising Family Investment Companies and properly planning your succession can significantly lower your tax liability. These methods not only help in passing on assets to the next generation but also ensure that your business thrives without unnecessary […]

When considering the gifting of overseas property, it is essential to understand the implications of inheritance tax (IHT). Many people are unaware that gifting property abroad can lead to significant tax liabilities after death. Understanding the rules surrounding inheritance tax on overseas gifts can help you make informed decisions and potentially save money for your […]

Regular estate valuations are essential for effective inheritance tax planning. By accurately assessing the value of your estate, you can ensure you meet tax obligations and maximise available allowances. Understanding your estate's value helps you identify tax liabilities and avoid unexpected costs during the inheritance process. Proper estate valuation allows you to create a strategic […]

Protecting your estate from inheritance tax is a crucial step in ensuring that your loved ones receive what you've worked hard to build. There are effective strategies that allow you to minimise the impact of inheritance tax while maintaining control over your assets. Estate planning can provide peace of mind, knowing that your beneficiaries will […]

When planning your estate, understanding how the seven-year rule affects inheritance tax on gifts is essential. If you make a gift and pass away within seven years, the value of that gift can impact the inheritance tax due on your estate, but the tax rate decreases the longer you survive after making the gift. This […]

Navigating inheritance tax can be a daunting task, especially for non-UK domiciled residents. Understanding the rules surrounding inheritance tax (IHT) is crucial. By planning effectively, you can minimise your IHT liability and protect your assets for your beneficiaries. Being a non-domiciled individual in the UK comes with unique tax considerations. You may have specific exemptions […]

When you have dependents with special needs, planning for inheritance tax can feel overwhelming. Taking proactive steps ensures your loved ones are financially secure after your passing. Understanding the intricacies of inheritance tax and the options available can make a significant difference in how your estate benefits your dependents. Exploring trusts, exemptions, and tailored financial […]

Family heirlooms often hold sentimental value, but they can also become a burden during inheritance tax calculations. Taking steps to safeguard these treasured items can help you protect their value for future generations. Understanding how inheritance tax works and knowing your options is essential in preserving your family legacy. By implementing strategic estate planning and […]

Setting up a Lasting Power of Attorney (LPA) is an important step in planning for the future, especially if you want to ensure your decisions are respected if you become unable to make them. The key cost involved in registering an LPA in England and Wales is £82 for each document, which means if you […]