Planning for any Inheritance Tax due
Have you ever considered how your children or relatives will pay your Inheritance Tax bill when you are no longer here?
Know your Inheritance Tax exemptions
Lifetime gifts are generally subject to IHT if they exceed the £325,000 nil rate band and do not qualify for either Agricultural Property Relief or Business Property Relief. However, some gifts are automatically exempt from IHT and do not require you to survive seven years for the value of the gift to fall outside your estate.
Could you claim an Inheritance Tax refund?
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.
Will Inheritance Tax be charged on my farmhouse when I die?
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...General election 2019 tax proposals
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...Inheritance Tax Review: Possible implications for farmers, rural businesses and landed estates
We explore the key areas around Inheritance Tax for farmers, rural businesses and landed estates.
