Tax return for deceased person

Tax return for deceased person

by | Jan 16, 2025 | Inheritance Tax

Inheritance Tax (IHT) impacts estates over £325,000, with rates of 40% on death and 20% on certain gifts. A 36% reduced rate applies if 10% of the estate is left to charity. Executors must value estates and may need to file tax returns for the deceased and their...
Inheritance Tax thresholds and the RNRB

Inheritance Tax thresholds and the RNRB

by | Jan 2, 2025 | Inheritance Tax

Inheritance Tax nil-rate bands remain frozen until April 2030. Learn how this affects estates, the residence nil-rate band, and planning opportunities to maximise tax-free inheritance for loved ones. The Inheritance Tax (IHT) nil-rate bands have been frozen for a...
IHT nil rate band reduction for large estates

IHT nil rate band reduction for large estates

by | Dec 12, 2024 | Inheritance Tax

Married couples and civil partners may be able to pass on up to £1 million of their estate tax-free with the Residence Nil Rate Band. Claiming this transferable allowance could secure your family home for future generations. Make sure your estate planning...
Seven year rule still applies – IHT PETs

Seven year rule still applies – IHT PETs

by | Nov 28, 2024 | Inheritance Tax

There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person's lifetime. In most cases, gifts made during a person’s life are not taxed at the time they are given. These lifetime gifts are referred to as...
What is a discretionary trust?

What is a discretionary trust?

by | Nov 21, 2024 | Inheritance Tax

A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such as land, money and shares and which form part of the trust. The person who places assets into a trust is known as a settlor and the trust is for the benefit of one or...