Tag Archive: inheritance tax
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
What Happens to your Digital Assets When You Die?
Ever wonder exactly what happens to your digital assets when you die? While no-one likes to think about their own mortality, it is important to have ones assets and affairs in order before the inevitable happens. Part of this involves making proper provision such as having a will in place & minimising the burden placed… View Article
Important Changes To The Intestacy Rules
Intestacy Rules have Changed New Intestacy rules? What does it all mean? well, people who die with less than £250,000 in assets but for those that leave more… Prior to October 2014 Surviving spouses or civil partner without children would inherit the first £450,000 of the estate plus half of the remainder. The other half… View Article