Homeowners in London and the south east of England could find themselves unexpectedly liable for inheritance tax (IHT) as the value of their homes rise, surpassing the threshold at which IHT becomes payable.
London and the south east are the UK’s inheritance tax ‘hot spots’, accounting for half of all IHT paid across the country, according to research by Prudential.
Rising house prices have contributed to families paying £3.1 billion in inheritance tax (IHT) over the past year.
In the old days, there was very little to be done with your pension.
The cost of social care for the elderly will be capped at £75,000, the government has announced.
Inheritance tax (IHT) is often described as an avoidable tax, because careful planning can allow you to pass everything on to your loved ones instead of the taxman.
The government has announced that two tax-free allowances will rise in line with the Consumer Prices Index rate of inflation, rather than the more generous Retail Prices Index rate.
The number of people in the UK without a will has hit 29.5 million, according to research by unbiased.co.uk.
Trusts set up by parents to transfer assets to their children could be hit by inheritance tax if proposals made to the government are accepted.