Nearly 5000 families received fines for paying Inheritance Tax late – how you can avoid getting caught out
4,865 executors were fined for paying their Inheritance Tax bills late in the year ending 31 March 2024 – a rise of 12% on the year to March 2023, and 41% on the year before. Why are families facing fines on their Inheritance Tax bills? An increasing number of families administering estates are facing fines […]
Rush of gift-giving ahead of anticipated Budget Inheritance Tax rise – five key things you need to know
Amid a rush of gift-giving ahead of an expected rise in Inheritance Tax (IHT) in the upcoming October Budget, here are five important things to consider when giving gifts. Tips for giving gifts ahead of the Budget: No limit on tax-exempt gifts from unused income Currently, there is no limit on how much you can give […]
Business owners saved £1.3bn in Inheritance Tax relief
How a citation to accept or refuse a Grant can influence the Grant of Probate process
The probate process is a critical step in dealing with the administration of a person’s estate after they have died. Understanding how citations work within this process is essential, particularly when executors fail to act, or when disputes arise among beneficiaries. What does the probate process involve? The probate process involves validating a deceased person’s […]
Borrowers over 70 take out nearly £2bn in mortgages in the past year
Borrowers over 70 took out nearly £2bn in mortgages last year – are those mortgages being used to cut IHT bills?
Borrowers aged over 70 took out nearly £2bn in non-equity release mortgages last year, according to exclusive data obtained by TWM Solicitors*. Some older borrowers have been taking out these mortgages partly so that they can make Inheritance Tax (IHT) free transfers to their children and grandchildren. Many older borrowers make IHT-free transfers to help the […]