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Topic: Inheritance Tax


  • Kate Godber - Wills, Probate, LPA, Tax and Trusts
    Inheritance Tax in the UK hits an all time high
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      In the tax year 2016/2017 the amount of Inheritance Tax (IHT) paid to HMRC was in excess of £4.7billion. Official bodies have also calculated that in the next five years this figure could increase by up to a third, this is a payment of up to £6.1billion. The reason for this increase is a… Learn more

  • Emma Fuller - Wills, Probate and LPA
    Do you have to pay inheritance tax when someone has died?
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                Personal representatives (or Executors) are responsible for finding out if inheritance tax is due as a result of a person’s death. If it is, the personal representative has to make sure that it is paid. Whether inheritance tax needs to be paid can depend on: how much the property… Learn more

  • EHL Wills Team
    Total Inheritance Tax Paid Increases Again – Will the New Rules Bring this to an End?
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    Data released by the government this summer has revealed that the money we pay in inheritance tax has risen for a fifth straight year. Whereas, in the 2009-10 financial year we paid £2,848 million in inheritance tax, the 2014-15 bill reached £3,825 million – representing an increase of over 34% in the period.    … Learn more

  • Kate Godber - Wills, Probate, LPA, Tax and Trusts
    Who bears the inheritance tax on a gift with reservation of benefit?
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    A gift with reservation of benefit (GWROB) is where a person has made a gift during their lifetime but has retained some use or enjoyment of the property gifted.  Most commonly, this will be a property that the donor continues to live in.  There are tax rules that apply to treat the estate as if… Learn more

  • Leanne Hathaway - Tax and Trusts
    Who is liable to actually pay Inheritance Tax if it is due?
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    It is widely known that each person has a “nil rate band” allowance for inheritance tax, but it is not quite as simple as you may think to determine who actually has to pay the tax due.  It is possible to state in the Will who is to be liable for the IHT attached to… Learn more

  • Leanne Hathaway - Tax and Trusts
    Inheritance Tax and the Family Home
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    It has been announced that an increase to the value of the family home which may be left free of inheritance tax is to be increased.           Who will this apply to?   This will apply to individuals with direct descendants who have an estate (including a main residence) with total… Learn more

  • Emma Fuller - Wills, Probate and LPA
    How changes to Inheritance Tax will affect you
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    In the 2015 summer budget George Chancellor announced that he has plans to change inheritance tax by adding an additional £175,000 ‘property allowance’ on homes that are passed down to children or grandchildren. This will be added to the current tax threshold of £325,000 which applies to all assets. Although these plans have been set… Learn more

  • EHL Wills Team
    Estate Administration and the Nil Rate Band
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    Administering the affairs of a deceased person can be a long complicated business depending on the complexity of the estate. Following changes made to the taxation of estates in the 2007 married couples and civil partners are allowed to transfer any unused portion of their Nil Rate Band (IHT tax threshold) to the spouse or… Learn more

  • Emma Fuller - Wills, Probate and LPA
    Executors and online banking.
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      It is important when someone dies that the Executor is able to access all information regarding all assets the deceased has. The Executor has to obtain values of all assets as quickly as possible to establish whether there is any inheritance tax to pay and to establish whether details of any gifts of money… Learn more

  • Emma Fuller - Wills, Probate and LPA
    Deprivation of Capital & Care Home Fees
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    I was referred to an article in a national newspaper recently about this very subject the opening lines being “councils are spying on parents who sign over their homes to their children to avoid care home fees.” Care home fees are a valid concern to people as we are expected to live longer and, as… Learn more

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