01 Apr 2020 | Inheritance tax, Personal Tax, Property, Tax
If you inherited a property that you then sold for less than the property was valued upon death, you could get a refund for the difference of the Inheritance Tax (IHT). IHT is charged at 40% over the £325,000 nil-rate band allowance, so the figures can be significant....19 Dec 2019 | Farming & agriculture, Inheritance tax
We are often asked about how Inheritance Tax (IHT) will be charged on farmhouses at Ellacotts. Sometimes the answer is simple, however, often it’s not. This is because, legislation changes, the use of a particular farmhouse changes, and the use of the land the...25 Nov 2019 | General Election, Inheritance tax, Personal Tax
The various political parties have all made bold promises in the run up to the General Election 2019. Most have been about increased spending if elected, particularly extra money for the NHS. Although many of the spending pledges will be funded out of increased...17 Oct 2019 | Farming & agriculture, Inheritance tax
Anyone who has received an inheritance will be aware that the rules surrounding tax after death are complicated. In 2018, the Chancellor asked the Office for Tax Simplification (OTS) to review Inheritance Tax (IHT) legislation and to recommend improvements that could...25 Jul 2019 | Inheritance tax
Make a Will. Ensuring you understand your tax position is key to passing on as much of your estate to the next generation as possible but, if you don’t have a Will in place, it might not end up in the hands of those you want it to. Ensure you have a Will in place...17 Jul 2019 | Inheritance tax
The Office of Tax Simplification (OTS) has undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the...