Tag Archive: inheritance tax
IHT and EIS / SEIS Tax Breaks
Here at Key Business Consultants, we help our clients save tax by demonstrating the many benefits of investing in small, unlisted companies using the Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Scheme (EIS). A taxpayer investing in the SEIS can benefit from Income Tax relief. It is worth 50% of the amount invested in… View Article
A Summary of Lesser Known IHT Reliefs, Exemptions and Allowances
For those with significant assets, there are a number of IHT reliefs to help friends and family whilst they are still alive. However for some people, especially those with significant assets, there are tax efficient ways (regarding things such as IHT) to help friends and family whilst they are still alive. Potentially Exempt Transfers One… View Article
What is a Usufruct?
A usufruct is a common way of holding property in many countries in Europe (including France, Spain, Italy). A usufruct is the right to the use and enjoyment of another’s property for a limited time. It usually lasts for a person’s lifetime. Taking Advantage of an Usufruct HMRC has recently reconfirmed its view last set-out… View Article
Understanding the New Residence Nil Rate Band
A new Inheritance Tax main residence nil-rate band (RNRB) will be introduced from April 2017. The residence nil-rate band introduces a new £175,000 per person transferable allowance. It applies to married couples and civil partners when their main residence is passed down to children after their death. This allowance is in addition to the existing… View Article
Understanding Lifetime Transfers
Today we’re going to explain everything about lifetime transfers. The current Inheritance Tax limit is £325,000 per person. This is the amount that can be passed on free of IHT as a tax-free threshold. An additional Inheritance Tax main residence nil-rate band (RNRB) will also be introduced from next year. IHT & Gifts On top… View Article
What is IHT Online?
The government, together with HMRC, are working towards the introduction of a new online service. It will support the administration of Inheritance Tax (IHT). This measure was first announced by the then Chancellor, George Osborne as part of the 2013 Autumn Statement measures. The new service – “IHT Online” = will eventually replace the almost… View Article