IHT

Aretha Franklin, the “Queen of Soul”, died intestate, leaving a fortune estimated at $80 million (£62.4 million). In addition to Aretha Franklin, a list of celebrities who have also died intestate, include: Rik Mayall; Amy Winehouse; Michael Jackson; Bob Marley; Pablo Piccasso; Jimi Hendrix. There are approximately 30 million adults in the UK, who do not have a Will ...

IHT, Tax

Inheritance tax (IHT) as it is understood  today was introduced in 1796 as a levy on the wealthy, but rising property prices and tax thresholds that have not kept pace with inflation mean that the number of estates that fall into the IHT net is ever growing. A series of exemptions have been introduced to allow families to give away more of their assets tax-free, but the system ...

IHT, Tax

We live in a world where families with young children often have both parents in full time employment. A decision is sometimes made for one parent stay at home and be a full time homemaker. This person may be the husband or wife. Life insurance is usually taken out to protect a family against the financial effects of the death of a breadwinner. The idea that a homemaker needs ...

IHT

Inheritance Tax (IHT) in the UK is widely misunderstood and the subject of a number of myths. Here are five of them….. Myth 1: My partner will inherit everything free of IHT Many people assume that if they are married or in a civil partnership, IHT will not be an issue for them. But they may be wrong, as the family of comedian Rik Mayall discovered a few years ago. Although t ...

Today (25 May) marks the biggest change to UK data protection law in a generation.    The General Data Protection Regulation (GDPR) is an evolution of the current Data Protection Act (1998) and comes into effect today. Regulated by the Information Commissioner’s Office (ICO), the new law gives people more control about how their data is used, shared and stored and requires or ...

Families who are incorrectly filling in homemade Wills could be disinheriting their children. So-called ‘Do-It-Yourself’ kits have grown in popularity over recent years, namely because of the reduced cost. Tempted by the price of just £20 in some cases, an increasing number of people are choosing to consolidate their final wishes using a DIY kit, or are at least attempting to. ...

IHT

Beneficiaries paid 11% more Inheritance Tax in November 2017 than in November 2016. HM Revenue & Customs collected £445M, compared with £400M in the previous November. Have you checked the level of Inheritance Tax that is likely to be paid on your Estate? Why not contact Ward Williams Financial Services Ltd on 01932 830664 or by email on wwfs@wardwilliams.co.uk to find ou ...

IHT

For the 2017/2018 tax year, the threshold at which you begin to pay inheritance tax (IHT) starts at £325,000 (£650,000 for married couples and civil partners), with an additional “main residence nil-rate band” (MRNRB) of £100,000 per person. However, a little planning can help you to access various annual allowances and exemptions. Regular gifts can be made from income without ...

IHT

Inheritance tax (IHT) is charged on your taxable estate at 40%. Before you look to offset IHT, however, it is important to establish what is likely to accumulate as a potential liability. For most people, the key contributor to their estate will be the value of their home and, even if this lies below the IHT threshold, other elements can push an estate over the limit. For examp ...

IHT

Inheritance tax (IHT) allowances have failed to keep pace with house prices and many more people now have to consider the IHT burden they leave to their beneficiaries. In the current tax year 2017/18, your individual IHT allowance stands at £325,000 (£650,000 for married couples and civil partners), with an additional “main residence nil-rate band” of £100,000 per person that w ...

IHT