IHT

The Ministry of Justice has announced changes to Probate Fees from April 2019. Current Fees: £215. £155 if applying through a solicitor. No fee if Estate is valued at less than £5,000. New fees (subject to Parliament approval): Assessed value of Estate Fee £50,000 - £300,000 £250 £300,000 - £500,000 £750 £500,000 - £1M £2,500 £1M - £1.6M ...

Tax, IHT

The Office of Tax Simplification (OTS) has published the first of two reports on inheritance tax. The first report sets out an explanation of the issues and complexities of IHT, gives an overview of concerns raised by the public and professional advisors during the review and then makes recommendations. This first report examines the administrative issues that people complain ...

IHT, Tax

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end - but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not. You can find more information on the Bud ...

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