Author: Saara Patel

As property values soar and tax allowances remain frozen, more families are turning to gifting strategies to shield their estates from inheritance tax. But without proper legal planning, gifting your home could create more problems than it solves: including surprise tax bills and HMRC intrigue. Approximate Reading Time: 4 minutes Topics Discussed: Why Gifting Property…

The 2024 Budget has brought fresh urgency to inheritance tax planning. With new rules extending tax liability to pensions and tightening reliefs for family businesses and farms, many households now face tax exposure for the first time. Fortunately, the law still offers several strategies to reduce or eliminate this burden if used correctly. Approximate Reading…

A freeze on inheritance tax thresholds, coupled with skyrocketing property prices, is pushing over 600,000 landlords into the IHT firing line. The result? Mounting tax liabilities, forced property sales, and ripple effects across the rental market. For landlords and their families, understanding the legal implications is now more urgent than ever. Approximate Reading Time: 4…

ISAs offer a tax-free wrapper for savings, shielding them from income tax and capital gains tax. However, they are not exempt from inheritance tax (IHT). On death, the value of an ISA is included in an individual’s estate, potentially attracting 40% IHT. Many ISA holders hesitate to gift their ISAs due to the loss of…

Transferring a buy-to-let property to a child can seem like a smart move to mitigate inheritance tax, but the legal and tax implications are far from simple. From capital gains tax to stamp duty and trust law, choosing the right strategy is essential to avoid unexpected liabilities and safeguard your estate. Approximate Reading Time: 4…

As rising property values and tightening tax relief rules increase inheritance tax liabilities, more families are turning to trusts to secure their assets. While these structures offer considerable legal advantages, they also carry obligations that demand careful setup, maintenance, and advice from legal professionals. Approximate Reading Time: 3 minutes Topics Discussed: Why Trusts Are Legally…

The Labour government’s new inheritance tax (IHT) plans have sparked a wave of will rewrites as savers scramble to protect their wealth. With Chancellor Rachel Reeves proposing an IHT levy on pension pots, many individuals are redirecting their assets to charities and other tax-efficient structures. (Read Time: Approx. 4 minutes) Topics Discussed: Labour’s IHT Reforms:…

Lifetime gifting is a powerful estate planning tool that can help reduce your inheritance tax (IHT) liability. By taking advantage of certain exemptions and allowances, you can give away assets during your lifetime while benefiting from tax savings. In this guide, we explore some of the key gifting exemptions that everyone should consider when planning…

In a high-profile legal case, Michael Parker, a multimillionaire businessman, won a court battle against his son over the ownership of a £2.2 million mansion. The dispute centred around whether the property was a gift or held in trust. This case underscores the complexities of estate planning, particularly when large sums and valuable assets are…

Understanding the distinction between legal and beneficial ownership in joint property is crucial, particularly when considering tax implications. These concepts play significant roles in the management, taxation, and inheritance of property. Whether you’re a homeowner, a trustee, or someone planning your estate, knowing these differences can save you from unexpected tax liabilities. (Read Time: Approx.…