Making a claim on an unclaimed estate
There are special intestacy rules that govern how assets are divided if you die without making a will. If this happens your assets are passed on to family members in accordance
Have you utilised 2022-23 IHT allowances and reliefs?
We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023.
You can give away up
Exempt transfers between siblings
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is
IHT – estimating an estate’s value
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax
Tax on property you inherit
If you inherit property, you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before
Gifts paid out of disposable income
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out of income. This is a very flexible exemption from IHT as
IHT claiming business relief
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) if you inherit the estate of someone who had died.
One of these reliefs is known as IHT
IHT gifts with reservation of title
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’.
Changing a will after death
In certain circumstances, a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years
IHT Business Relief
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) when you inherit the estate of someone who has died. One of these reliefs is known as IHT