Charities did not feature significantly in the Autumn Budget 2024, but here’s a summary of some of the changes that will affect the sector…
Is legacy fundraising (donation of a person’s estate via a will or trusts) something your charity should be thinking more pro-actively about?
Preparing your own will, or using an unregulated writer may be the cheaper option, but these approaches can present a number of issues…
Whilst marriages and civil partnerships are about love and finding your life partner, it’s worth being aware of the tax implications involved. It’s not all roses. This article specifically outlines some of the affects on Inheritance Tax that are associated with these legal partnerships.
Inheritance Tax (IHT) is a tax on the value of an individual’s estate at the time of their death. There are several good practices that individuals can adopt to help minimise the impact of IHT on their estate and their heirs…
Most gifts made during a person’s lifetime are not subject to Inheritance Tax at the time of the gift. There’s usually no Inheritance Tax
There are a number of reliefs available that can reduce liability to IHT. The most relevant for farmers is the Agricultural Property Relief (APR). Relief is available at a rate of 100% or 50% depending on who farms the land and how long the land has
The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of
The Inheritance Tax rules can be difficult to fathom when an expat or another person with connections to the UK living outside the country dies. The liability to Inheritance Tax in the UK depends primarily on the domicile of the deceased. If the
The Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such
The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets
As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is below the IHT
