Creative Industry Tax Reliefs (CITR) are a collection of Corporation Tax reliefs that allow qualifying companies...
Would you like to know how to use a concept called Deed of Variation to get money off your inheritance tax?
An interesting article in the Telegraph today about a man who saved £400k on his inheritance tax bill. (The content is Premium but you can access it for free with a sign up).
A couple of caveats before we jump in:
The man in the Telegraph article was able to reduce his tax bill by using something called a Deed of Variation.
This allows you to change a person's will after they die. According to the HMRC page, you can change a will to:
You can change a will as long as:
In Mr Hollick's case, he was able to transfer the money into a trust, which allowed him to avoid the inheritance tax while still retaining some control over the money.
Rewriting a will (as per the Telegraph article) is one way to reduce your tax burden. But there are other things you can consider.
You may be able to take advantage of something called an usufruct. This is a specific part of property law that allows you to use the property owned by another person.
Dealing with finances when someone dies can be a stressful experience. There can often be a lot of paperwork, especially if any aspects of the will are complicated or contested.
This is where it can be useful to bring in a professional. It's within the rules to handle the paperwork if you're just a friend or relative. But it can smooth the process to use a professional lawyer or accountant.
We are delighted to let our readers know that Key Business Consultants have passed our exams to apply for authorisation to handle the probate process for our clients. We can arrange a no obligation meeting at your home or office to talk through the necessary steps and how we can help.
If you'd like to discuss how Key Business Consultants can help you save money on inheritance tax, please get in touch.