‘Loophole’ helps prevent families falling into inheritance tax trap
With more and more people becoming liable for inheritance tax (IHT), experts at Whitley Stimpson are urging families to consider using a little used loophole to reduce its impact.
Capital gains and inheritance tax
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year.
Put family first for tax efficient succession planning
Businesses take years to build up with the owners spending the best part of their lives ensuring they are successful. But what happens when it is time to retire? An obvious solution is to pass on the company to family, but care should be taken to avoid a considerable tax bill.
Divorcing couples may no longer need to settle their estate within a year
The Government has announced plans to relax capital gains tax (CGT) rules in divorce settlements, so spouses and civil partners will have more time to transfer their assets.
Seek help to avoid the wealth tax trap
Experts are urging ordinary people to take advice to avoid falling into the inheritance tax (IHT) trap.
Using your personal tax account
Your online personal tax account (PTA) is a useful source of information about your personal tax position and allows you to communicate with HMRC quickly and easily.