Is your area a Capital Gains Tax hotspot – how hard will it be hit by the Budget?
With a rise in the Capital Gains Tax (CGT) rate anticipated in the October Budget, data provided by HMRC shows that residents in Wimbledon, Guildford, and Cranleigh are likely to face substantial increases in their tax bills.
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 […]
How much Inheritance Tax will I owe on a family business I inherit?
What is Business Property Relief? Business Property Relief (BPR) is a tax relief that exempts heirs from paying IHT when they inherit a business. BPR was introduced to help prevent the dissolution of family companies on the death of the founder in order to raise funds to pay IHT. BPR has helped families save significant […]
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 […]
Inheritance Act claims – and how to avoid them
The Inheritance Act allows individuals who were related to, or financially dependent, on the person who has died to seek a greater share of the estate than they were left in the deceased’s Will or allowed under the intestacy rules. This typically includes children and grandchildren who relied on the deceased family member for financial […]