News Tag Results for "Inheritance Tax"

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Budget Update - Capital Taxes

Budget Update - Capital Taxes   Capital Gains Tax Rates and Thresholds The rates and thresholds for capital gains tax are as follows for 2011/12: Annual exemption - £10,6... more


907
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Capital gains tax implications on inheritance example

Q. My mother died last year and left my brother and me a commercial business unit. Probate is nearly complete now. If we sell the property in the future, what are the capital gains tax implications... more


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IHT on Main Residence Nil-rate Band and Downsizing Proposals

IHT on Main Residence Nil-rate Band and Downsizing Proposals HMRC have published a technical note covering the proposals, announced in the Summer Budget 2015, to phase in a new residence nil-ra... more


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IHT Relief on Business Assets

IHT Relief on Business Assets Inheritance tax (IHT) is payable at 40% on the net value of the assets you own when you die, plus (to a certain extent) on the value of the gifts you made in the s... more


361
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IHT: changes to Residence Nil Rate Band

Minor technical amendments are to be made to the residence nil rate band (RNRB) for IHT purposes. The amendments seek to clarify the working of the downsizing rules and provide certainty over when ... more


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Individuals

Individuals Personal allowances  Immediate changes    2014/15 2015/16 Born after 5 April... more


1344
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Inheritance tax on the family home

Inheritance tax on the family home   Currently, inheritance tax is charged at 40% on estates over the tax-free allowance of £325,000 per person. Married couples and civil partner... more


1833
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Leaving it to Charity

Leaving it to Charity If you haven't made a Will, you should do so without delay. If you don't have any relatives you want to leave your estate to, consider making a Will that leaves mo... more


653
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Property - IHT: main residence nil-rate band

Property - IHT: main residence nil-rate band From April 2017, each individual spouse or civil partner will be offered a residence nil rate band (RNRB), which is designed to help pass on a ... more


565
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Q. How is an estate valued for inheritance tax purposes?

Q. How is an estate valued for inheritance tax purposes? A. Inheritance tax on death will be calculated on the net value of the estate. The net value of an estate is effectively assets les... more


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Q. My grandmother died on 3 May 2017. Her estate on death includes 12,000 ordinary shares in XYZ plc

Q. My grandmother died on 3 May 2017. Her estate on death includes 12,000 ordinary shares in XYZ plc, a company listed on the London stock Exchange. The closing prices at the date of her death show... more


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Reforms to the taxation of non-domiciles

Reforms to the taxation of non-domiciles The existing inheritance tax (IHT) deemed domicile provisions for individuals are to be aligned with the proposed changes for income tax and capital gai... more


244
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Summary on making use of gift exemptions....

Summary on making use of gift exemptions for IHT According to a recent survey undertaken on behalf of HMRC, only 25% of people making financial gifts have a working knowledge of inheritance tax... more


825
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Treatment of pension scheme drawdown funds on death

Treatment of pension scheme drawdown funds on death The scope of the current inheritance tax (IHT) exemption is to be extended, so that the failure to draw down all of the designated funds befo... more


558
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Using the IHT gift exemptions

Using the IHT gift exemptions These days, inheritance tax is often referred to as a voluntary tax, because there are various ways to minimise liability to it, or even avoid it all together. ... more