Chancellor of the Exchequer Jeremy Hunt presented the Autumn Statement to Parliament on 17 November 2022 and confirmed that Inheritance Tax will remain frozen. Both the Nil Rate Band and Residence Nil Rate Band were frozen at their current values of £325,000 and £175,000 respectively until April 2026 under the...
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Minimising your Inheritance Tax Bill with Tax-Free Gifts
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Gifts You can legally avoid Inheritance Tax by giving away gifts during your life. The rules around making gifts are tricky and will be strictly applied, so it’s important to speak to a professional for advice on your specific circumstances. If, for example, you should need to go into a care home, the...
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Minimising your Inheritance Tax Bill with Property
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We consider how property ownership can reduce your Inheritance Tax bill. The Residence Nil Rate Band In addition to the Nil Rate Band of £325,000, there is also a property allowance available which can allow a greater portion of your estate to be taxed at 0%, the ‘Nil Rate’. The...
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Minimising Your Inheritance Tax Bill
Posted in: News | , by AshtonGrace
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A few years ago, insurance company NFU Mutual analysed HM Revenue & Customs receipts and found that the average Inheritance Tax bill for the year 2018/19 was £199,000. £199,000! That’s a lot of money … By taking tax planning action in advance, it is possible to legitimately reduce the amount...
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The Role of an Executor
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The role of an executor The person appointed as an executor in a Will has been entrusted, by the deceased, to arrange the payment of the estate’s debts and expenses as well as the distribution of the deceased’s property. The role of an executor is not an easy one, or...
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