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 […]
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 […]
Double taxation relief while paying inheritance tax was introduced to avoid paying double inheritance tax for assets held by one person in different countries. If there was no treaty for double taxation relief between countries, you would have to pay tax on the same asset in the country of residence as well as the country […]
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 […]
Inheritance tax is a complex issue, and if you’re not careful, it can end up eating into your estate. Here are the top five things you need to know about inheritance tax in the UK to help you avoid any surprises. First, let’s understand what Inheritance Tax is. Table of Content: What is Inheritance Tax? […]
Many expats are unaware that they could have to pay UK inheritance tax if they have a UK domicile. Although very few people are liable to pay inheritance tax in the UK, timely inheritance planning can help in avoiding inheritance tax. Table of Content: What is Inheritance Tax? Types of Domicile The Effect of Domicile […]
Life Insurance can be used for Inheritance Tax planning in the UK. Knowing when and what type of Life Insurance to buy is a difficult task and often one that people don’t think about until they need it. If you are reading this, you are probably at an age where your family will benefit from […]
When a person writes a will, they will appoint an executor. The executor is tasked with executing the estate after the death of the person. They will take care of the administration and distribution according to the wishes of the deceased. The executor is also responsible for gathering the beneficiaries and distributing the estate amongst […]
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 […]
Yes. If you have inherited property from your parents, you still have to pay inheritance tax on it when you pass it on to your beneficiaries. This system may seem unfair to some, but to mitigate this, the HMRC has tax reliefs that you can rely on to save on tax. What Is The Tax […]