Should you pay tax on money or goods you inherit?
The surprising answer to this question is usually no. This is because inheritance tax (IHT) is usually levied on a person’s estate when they die and can also be payable during a
What is a PET?
Most 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
Changed circumstances, change your Will
We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your
Ken Dodd has the last laugh
The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by
More on inheritance tax shakeup
The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system. In a letter dated 19 January 2018 the Chancellor Philip Hammond wrote to
Can you change a Will after death?
One might expect that the answer to this question would be a definitive no. However, under certain circumstances a will can actually be changed after death. This is done by using
Pre-owned assets income tax charge
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
Tax on property, money and shares you inherit
As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of
Claiming an “unclaimed” estate
There are special rules that govern how assets are divided if a person dies without making a will. If this happens your assets are passed on to family members in accordance with a