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How Much Is Gift Tax on 1 Million Pounds?

Gift tax, as it’s commonly referred to, doesn’t exist in the UK in the same way it does in some other countries. However, understanding the implications of gifting large sums, like 1 million pounds, is crucial in the context of Inheritance Tax (IHT). Here’s what you need to know about how such a gift could […]
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What Is the 7 Year Rule In Inheritance Tax?

Inheritance tax in the UK can be a complex matter, with various rules and stipulations that dictate how much tax is owed after someone’s death. One key aspect of this tax system is the 7-year rule, a regulation that can significantly impact the amount of inheritance tax payable. What is the 7 Year Rule in […]
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5 Benefits of Estate Planning in the UK

Introduction Estate planning is an important part of financial planning in the United Kingdom. It’s a way of protecting and managing your assets after you pass away, to ensure that they are distributed according to your wishes. There are many benefits to estate planning in the UK. From planning inheritance tax and reducing paperwork to […]
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Do I Need to Apply for a Grant of Probate?

In certain circumstances, you may need to apply for probate, and in others, not. People who deal with a dead person’s estate are called executors or administrators. These executors or administrators are appointed by the owner of the estate in the will. After this person dies, the executor or administrators may have to apply for […]
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