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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Tag Archives: inheritance tax
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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How long does it take to wind up someone’s Estate after their death?
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After someone dies, their Estate needs to be administered and their assets distributed in accordance with their Will or, if they did not leave a Will, with the Rules of Intestacy. How long this takes can vary greatly depending on the size of their Estate and to whom their assets...
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Changes to Inheritance Tax – Does your Will need to be updated?
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Changes to Inheritance Tax – Does your Will need to be updated? On 6 April 2017, the residential nil-rate band (RNRB) came into force. This new tax allowance could potentially enable couples who own their home to pass up to £1 million to their direct family, free of Inheritance Tax...
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