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
As the 2008/9 tax year ends soon you should be thinking about Inheritance Tax planning. If you don’t take action, more of your wealth could disappear in tax. Here are our top five tips to stop the
Taxman grabbing your cash.
Published 25.03.2009
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
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
The mother of one of our subscribers owns a house in a retirement community. When she dies the property must be sold back to the property management company. Will this mean the estate will lose the
residence nil rate band (RNRB)?
Published 29.11.2023
Your will currently includes a few bequests to charities. When discussing it with your solicitor she said that increasing your donations could lower the inheritance tax (IHT) bill and so might leave
your beneficiaries better off. How does this work?
Published 04.05.2021
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
A recent court case involved a Capital Gains Tax saving scheme on a company buy-out that went wrong. It cost the directors/shareholders £1.3 million in tax. What’s the full story?
Published 28.04.2011
In 2013 new rules were introduced to curb inheritance tax (IHT) avoidance. The trouble is they can also reduce the amount of business property relief (BPR) that director shareholders are entitled to.
How can you avoid the problem?
Published 13.10.2014
As a director, a large part of your estate might rest in the value of your company shares. And when drawing up your will it might seem the obvious thing to leave these to your spouse, but will this
play straight into the Taxman’s hands?
Published 24.11.2010