The latest receipts from HMRC published on the eve of the Budget show the taxman is on course to take a record £5.5 billion from people’s estates this tax year, according to NFU Mutual.
The government has launched a consultation to assess how existing legislation on wills could be updated.
The combination of improving longevity and an ageing population means growing numbers will need some form of care in old age.
Becoming the executor of a family member’s estate is laudable – but it could land you with a sizeable inheritance tax bill.
Sam Barrett offers some practical tips on how unmarried couples can protect themselves.
Individuals were hit with a £4.84 billion ‘death tax’ charge in the 2016/17 tax year, the latest official figures from HM Revenue & Customs (HMRC) show.
The residence nil rate band (RNRB), which comes into force over the next three tax years from 6 April, in a nutshell will enable couples with a home to pass on up to £1 million to their direct family free of inheritance tax.
Families are becoming increasingly complex entities, often shaped by divorces, remarriages and children from previous relationships.
Much fanfare has been made of the new inheritance tax (IHT) allowance for main homes, which will reduce IHT liability for many people when it is introduced in April.