Filed under: IHT
Inheritance Tax (IHT) is one of those issues that fills many clients with dread. However we live in an affluent part of the country with high property prices and inheritance tax is something that will affect most of us. (more…)
February 26, 2013
There have been a number of significant property tax changes recently, which are relevant to property owners and investors. One very high profile change has been the increase in taxes payable by the 200,000 British owners of property in France. This was introduced by the country’s new President Francoise Hollande and has been publically criticised as a blatant attack on ‘les rosbifs’. However in reality the financial impact might not be as great as all the media headlines would have you believe, as we explain. (more…)
July 26, 2012
Last month, we held the first of RJP’s inheritance tax (IHT) surgeries and are delighted they were such a huge success. During those meetings, we met with local taxpayers from all walks of life and it became apparent that most people have two assets they are concerned about; their business and their family home. The meetings also highlighted that most people felt there was little or nothing they could do to minimise the inheritance tax liability that would become due on their family home. That’s a misconception we want to change. (more…)
October 24, 2011
If you live in the South East of England, your home is quite likely to be your biggest single asset, especially considering how much house prices have risen in the last decade (in spite of the recent dip). For most taxpayers, this is an asset you’ve paid for slowly, with hard-earned cash, probably after working for many years. You’ve paid plenty of tax already on the money you’ve invested and you want to be able to keep your home indefinitely, passing it on to your family for the future. That’s not an unreasonable expectation. (more…)
September 29, 2011
Inheritance tax (IHT) planning can be a difficult topic to approach for many people, but once you do, the biggest concern can be the extent to which you wish each member of your family to benefit from your estate. For some it’s down to uncertainly about who to leave their assets to, however for many, the main concern is protecting assets for future generations of their own family, and ensuring they are not dissipated by divorce. (more…)
August 18, 2011
To kick of our special IHT surgeries taking place in September, this blog covers all the basics you should know about inheritance tax and how you can avoid it. One of the big myths surrounding this tax is that it is just something the very rich have to worry about!
August 16, 2011
Having worked all your life to build up assets for which you have already paid income tax, capital gains tax or VAT, it can seem unfair that, when you wish to secure financial peace of mind and pass wealth on to your family, you face a further tax on your accumulated wealth upon death. Nevertheless, this “double” taxation does exist and inheritance tax (IHT) at 40% applies to all estates over £325,000 in value. (more…)
July 26, 2011
There was nothing unduly generous for individuals in this Budget in spite of the increase to the personal allowance.
Continue March 23, 2011
The weekend papers were full of news about the planned increases to capital gains tax (CGT) announced by the new government. Some commentators have argued that this change has been on the cards for some time, although during the Election campaigning it was only the Lib Dems that formally announced their intentions. Subsequently incorporated into the coalition’s policies, we can expect CGT rates for top earners to more than double for non business assets and the exemption threshold to be cut from £10,100 to between £1,000 and £2,000.
These changes will be painful, especially since for the past 2 years, the flat rate of 18% has been extremely generous. But given the poor state of the Treasury’s coffers, the disparity between income and capital tax rates cannot be sustainable.
Continue May 27, 2010
Last week, the new Conservative LibDem coalition government was announced amid a flurry of guarded excitement and scepticism. The coalition has been quick to stamp out suggestions that their political differences will be too marked to produce effective financial policy and so far, the speed with which agreements have been reached is impressive and very positive in terms of their quality.
Continue May 19, 2010