Life insurance has various uses. For example, you may have a policy to cover Inheritance Tax (IHT) so that your beneficiaries won’t need to break up the family company. But as IHT rules have changed,
should you review your policy?
Published 03.03.2010
A recent health scare has prompted you to consider how to reduce the inheritance tax bill your beneficiaries might face if the worst happened to you. What gifts or transfers can you make to
immediately reduce IHT on your estate?
Published 28.04.2022
Doesn’t everything pass tax-free to your spouse when you die? If so, making a will won’t make any difference to your estate. However, there is a hidden tax charge than can be avoided by using a will.
What’s involved?
Published 25.04.2007
The usual advice is that potential inheritance tax (IHT) payable on gifts starts reducing (tapering) once three years have elapsed, and after seven the gift is IHT free. However, the three-year
deadline is often an illusion. Why?
Published 27.06.2023
Your company wants to send some promotional gifts to potential customers. Trouble is, you’re not interested in the usual pens and calendars. You’d like to give iPods instead. Will the Taxman let you?
Published 16.07.2008
Charities rely on donations for their survival. But before you hand over money to your favourite cause, it’s worth considering whether, for tax purposes, it would be better coming from you or your
company?
Published 23.06.2011
Your company is getting involved with a local charity. This will include donating the use or transfer of company equipment and employees’ time. As these resources will partly be used for non-business
activity, will the related costs be tax deductible?
Published 03.02.2020
You want to reduce the potential inheritance tax (IHT) on your estate. A friend has suggested transferring ownership of your home to your children. HMRC says this won’t work if you still live in it.
If that’s correct is there a way to legitimately dodge the rule?
Published 28.07.2023
When you transfer ownership of your family company, as long as conditions are met, special tax breaks apply so that tax isn’t triggered. It’s vital your family understands these or the tax breaks can
be lost. What does it need to know?
Published 25.11.2014
One of our subscribers gave his company £15,000 cash to help it buy new equipment. The local tax inspector argued that it should have been declared as a taxable transaction on the company’s
corporation tax return. Is he correct?
Published 24.11.2016