Finding love in later life is becoming increasingly common in the UK, with the number of over-65s tying the knot up by nearly 50% over the last decade. But while it can bring happiness and security, a new partner at this stage can also bring its fair share of financial planning headaches.
A record £5.2 billion in inheritance tax receipts was collected in the 2017/18 tax year, figures from the Inland Revenue reveal. This is some 8 per cent up on the previous year.
New statistics published by HMRC today show that the inheritance tax (IHT) gap has grown to £600 million in 2016/17, rising 50 per cent from £400 million five years ago in 2012/13. This gap is likely to be a reflection of the growth in the amount of IHT owed.
The tax gap (for IHT but also other taxes) measures the difference between the amount of tax the Treasury thinks it should be getting and what was actually paid.
Sam Barrett looks at solutions to sidestep a potential inheritance tax liability without giving away assets you may still need.
Inheritance tax receipts are rising at an ‘alarming rate’, with death duties no longer reserved for the ultra-wealthy.
New research has found a lack of understanding regarding inheritance tax rules in relation to Isas, so here’s what you need to know.
According to research, the average amount people believe they can gift each year without incurring inheritance tax is £1,575.