Category: Tips

Inheritance Tax (IHT) is a significant concern for many, especially when it comes to family homes. To alleviate some of this burden, the Main Residence Nil-Rate Band (RNRB) was introduced on 6 April 2017, providing valuable relief to individuals passing their home to direct descendants. (Read Time: Approx. 7 minutes) Topics Discussed: Introduction to the…

Planning for the future can be complex, especially when considering tools like a Deed of Variation (DOV). This powerful instrument allows beneficiaries to alter a will’s provisions posthumously, providing flexibility in asset distribution. Here, we delve into what a Deed of Variation entails, its tax implications, and why it might be a strategic choice for…

When charitable gifts are incorrectly named in a Will, the High Court’s intervention can ensure that the gifts are properly allocated. This happened recently when the court identified suitable recipients for several misnamed charities, ensuring the intended donations were fulfilled. (Read Time: Approx. 3 minutes) Topics Discussed: High Court Ensures Charitable Gifts Are Honoured Case…

A man successfully altered his Will via text message hours before his death, a recent High Court ruling reveals. This unprecedented case has significant implications for estate planning and Will validity. (Read Time: Approx. 2 minutes) Topics Discussed: The Unconventional Will Change In an extraordinary decision, the High Court has validated a Will altered by…

Dealing with the estate of a deceased loved one can be a daunting process, filled with legal rules and specific restrictions. At its core, probate is the legal right to manage the estate of someone who has died, ensuring their property, money, and possessions are distributed according to their wishes or the law. (Read Time:…

Understanding Gifts and Inheritance Tax (IHT) can be daunting, especially when dealing with Potentially Exempt Transfers (PETs). Knowing the specific rules can help save significant tax liabilities. (Read Time: Approx. 2 minutes) Topics Discussed: The Issue Gifts are typically excluded from a person’s estate for inheritance tax (IHT) if they survive seven years from the…

Considering strategies to reduce your Inheritance Tax (IHT) obligations without losing control of your house or moving out? A co-occupation agreement might be the perfect solution for you. (Read Time: Approx. 2 minutes) Topics Discussed: Inheritance Tax and Your Home For many, their home is their most valuable asset, making it a significant consideration in…

Gifting your home to your children is a generous act, but it comes with significant financial implications. This guide explores the consequences of such a gift and the crucial steps to ensure it is valid for Inheritance Tax (IHT) purposes. (Read Time: Approx. 2 minutes) Topics Discussed: Capital Gains Tax (CGT) Implications When gifting a…

Business Property Relief (BPR) offers significant relief from Inheritance Tax (IHT), enabling business owners to pass on their assets with reduced tax burdens. Understanding BPR is crucial for effective estate planning. (Read Time: Approx. 2 minutes) Topics Discussed: Understanding Business Property Relief Business Property Relief (BPR) allows for a reduction in Inheritance Tax (IHT) on…

A recent decision by the Central London County Court has set a significant precedent in Will disputes, particularly regarding the undue influence exerted over vulnerable individuals. This case involves the Will of Robert Harrington, who at the age of 93, married his carer Guixiang Qin, leading to the drafting of a new Will that excluded…