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To view the latest updates relating to inheritance tax advice please click on the article below:
Inheritance Tax and Land
Inheritance Tax and Land : what qualifies for Agricultural Property Relief “APR” and what is Business Property Relief “BPR”
Tax Returns during Estate Administration
If an individual previously submitted tax returns to HMRC during their lifetime, in death they will need to Report taxable income in the tax year of death and prepare a tax return to report income and gains realised from the date of death until the end of the tax year
Cryptocurrencies – should they appear on my tax return?
Many investors hold different types of cryptocurrency such as coins, tokens etc and the buying and selling of these currencies can vary. So does this impact your tax situation and tax returns?
- Budget 2021: live coverage and video review
Inheritance Tax Changes Ahead?
The Office of Tax Simplification (OTS) have published a report containing proposed changes relating to Inheritance Tax (IHT). The Government will decide which of these rules will become law.
Property Trading Companies and Business Property Relief Case Law
This article examines the challenges HMRC have raised for land and property based businesses via the courts in recent years and the ‘trading’ requirements that must be met.
Family Investment Company
A Family Investment Company (‘FIC’) is a company whose shares are held by family members. Those family members may also be employees or directors of the company. An FIC is an effective tool to facilitate wealth succession and family tax planning.
Property Incorporation vs Ownership
Recent changes in government policy have had a significant impact on individual’s owning property. Changes restricting the deduction of finance costs to a basic rate of tax and the introduction of the 3% SDLT surcharge have led many of our clients to consider whether a corporate structure is a more effective way to own a property portfolio.
Inheritance Tax and the Family Home
The family home will be liable for Inheritance Tax (‘IHT’) if the value of the home exceeds the available nil rate band upon the relevant individual’s death (the surviving spouse or sole owner).
Inheritance tax residential nil rate band
In 2015 the Conservative Party promised to ‘take the family home out of tax by increasing the effective IHT threshold to £1 million’. As the law stands, this target will be met by 2020 through the introduction of the residential nil rate band (RNRB).