Before a person’s estate can be distributed under the terms of their Will, a grant of probate must be obtained from the courts. In turn, the courts will not act until IHT documentation has been completed and any tax due…
How much has your income increased over the last year? The latest data from the Office for National Statistics (ONS) shows average weekly earnings rising at an annual rate of 3.6%, about 2% above the rate of inflation. Nevertheless,…
Digital legacy – a three step plan We spend most of our lives managing our assets and providing security for our families and our old age. Usually this means considering the unexpected and being well organised so that, if/when…
INDIVIDUAL SAVINGS ACCOUNTS Individual Savings Accounts (ISAs) have come a long way since their birth 20 years ago. There are now five types of ISA, although this will drop to four by December: Type of ISA Age Eligibility Maximum contribution*…
As the graph shows, IHT receipts have been growing steadily in recent years. This tax year’s IHT payments are projected to be £5,500 million, over double the amount raised eight years ago. The introduction of the residence nil rate…
TAX YEAR END PLANNING The run up to the tax year end is a good time to consider tax planning to maximise the use of an individual’s allowances, reliefs and exemptions for the current tax year. Some of these will…
Next April will mark the 20th anniversary of the introduction of Individual Savings Accounts (ISAs). Back in April 1999, there were only three types of ISA, with a maximum total investment of £7,000 per tax year, of which only £3,000…
Last year’s general election saw the issue of student loans come to the fore, with the Labour Party saying in its manifesto that it would reintroduce maintenance grants and abolish tuition fees. The estimated cost was £11.2bn a year –…
The residence nil rate band (RNRB) was introduced in April 2017 following a 2015 election pledge by the Conservatives to raise the effective inheritance tax threshold for married couples and civil partners to £1,000,000. As is often the case…
If your company car is due for a change this year or next and you can choose a mix of cash and/or car, be warned. There has been a change in the tax rules on optional remuneration arrangements (OpRA in…