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NewsStats show 2/3 people still have no Will5 Jul 07Two in three people in the UK have no will, according to the latest findings from Barclays Wealth. The findings show that 63% of us have yet to write a will – exactly the number of Britons who claimed not to have a will in a similar study conducted a year ago. The findings also indicate that... Gordon Brown and Inheritance Tax28 Jun 07I know most of you will be raising a glass to Gordorn Brown today (probably a flat Brown ale) so it is worth seeing what influence he has had on IHT during his 10 year period.
Since 1997:
There has been an 80% increase in the amount of people caught by inheritance tax legislation
IHT was... New inheritance tax blow4 May 07Thousands of families face the prospect of being hit by a new tax blow following a landmark ruling, it became clear yesterday.
Up to 500,000 families have entered into arrangements to protect them against inheritance tax.
The scheme, which involves splitting the value of a property between... Act now to avoid trust tax7 Aug 06Tens of thousands of people are being urged to review their wills now the government has published final details of the Chancellor Gordon Brown's crackdown on trusts.
This was first announced in March's budget and hits two types of trust which are often written into wills to provide for family... Trust Information Update - 200615 May 06As you have probably seen by now in the media the Inland Revenue (HMRC) are attempting to implement changes to the taxation of UK resident trusts. On 31st January 2006 HMRC published draft clauses to be included in the Finance Act 2006.
The new rules announced as part of the Budget will apply... Inheritance tax risk will hit 4.2m households by 2020 says Halifax12 Apr 06The risk of inheritance tax will hit 4.2 m households by 2020 according to the Halifax.
Halifax estimates that the number of properties in the UK valued at more than the 2006/07 inheritance tax threshold of £285,000 now stands at 1.5m or 8 per cent of all owner-occupied properties.
The revenue... Archived News Items 20051 Apr 06On this page you will find links to relevant news articles from 2005.
Taxing time for same-sex couples
Civil Partnership Act
Home sweet half a home: beat the inheritance trap
IHT bills rising
IHT when you live abroad
Changes in the law for couples who are living together
Pre-owned asset... Budget 200623 Mar 06Inheritance tax (IHT) threshold
The IHT nil rate band has increased to £285,000 from £275,000 with effect from 6th April 2006. The Chancellor has announced that the band will rise to £300,000 in 2007, £312,000 in 2008 and £325,000 in 2009.
The threshold increase is very disappointing in light of... Taxing time for same-sex couples15 Dec 05Source: ALASDAIR IMRAY, tax partner with chartered accountant Meston Reid and Co in Aberdeen
The new civil partnership regime will lead to significant tax changes for many people living in same-sex relationships.
There will be winners and losers, but there are examples where people could be... Civil Partnership Act1 Dec 05What is Civil Partnership?
As from 5th December 2005, same sex couples across the UK can have their relationships legally recognised. Any couple registered in a civil partnership will have the same rights as a married couple in areas like tax, social security, inheritance tax and workplace... Home sweet half a home: beat the inheritance trap30 Nov 05Would you break your house in half to avoid the taxman? It might seem a drastic measure but this piece of legal footwork lets you make full use of your inheritance tax (IHT) allowance, and interest among homeowners is growing. In the past six months, solicitors and accountants have reported more... IHT bills rising21 Nov 05It was reported in Sunday 13th November's Times that Inheritance Tax (IHT) is affecting so many more people with most paying more in IHT than they need too.
It has been stated that British adults have wasted £1.6 billion this year through poor IHT planning. By 2009 an estimated 3.6 million estate... IHT when you live abroad14 Jul 05Think you're exempt from inheritance tax because you live abroad? Think again.
Leaving for a new life of leisure abroad or setting sail for a new overseas job may not automatically trigger thoughts of what might happen if you die while away. But UK expatriates leaving the country would do well to... Changes in the law for couples who are living together14 Jul 05Unmarried couples will soon benefit from greater legal rights if their relationship breaks down or one partner dies. The Lord Chancellor has commissioned the Law Commission to study how to improve the financial and legal position of the 2 million heterosexual couples who live together without... Pre-owned asset tax hits life assurance policies7 Apr 05For all those people who arranged life assurance policies before 1986 they will be first in a long line of people who will be paying pre-owned assets tax (POAT).
POAT is an inheritance tax avoidance scheme that began 6th April 2005, which is aimed at those that gift an asset but continue to... Will Clinics6 Apr 05The Will Clinic is a free no obligation opportunity for you to come along and discuss with our specialists any questions you may have about writing your Will. As well as getting your Will written for you there and then.
Will Clinics
Increase of Inheritance Tax Threshold6 Apr 05As of 6th April 2005 the inheritance tax nil-rate band will be increased from £263,000 up to £275,000.
It isn't very surprising that no major changes have occured to inheritance tax just before the general election and that the increase in the nil-rate band is relatively greater than in the last... Pre-Owned Asset Tax5 Apr 05POAT, or pre-owned assets tax, is a free standing income tax charge that the Government is bringing into effect on 6th April 2005 within Schedule 15 of the UK Finance Act 2004. This tax will apply to anyone who used to own a particular asset (home, car, holiday home etc), then gave it away, but... New Year Special to all Government Funded Organisations2 Mar 05As of 4th January 2005, EEP are offering a remuneration package of 10% back to all government funded organisations for writing wills.
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