When someone living abroad dies, the rules for paying Inheritance Tax (IHT) usually depend on:
• How long they lived abroad
• Whether their assets (property, money and possessions) are in the UK or abroad
• If their assets in the UK are‘excluded assets’
• If their assets were put into a trust Continue reading…
A new rule began on 6 April 2012 that reduces the amount of Inheritance Tax due on an estate if at least 10% of the taxable amount is given to a charity – but not to one of the other exempt bodies, unless of course it is also a charity. Continue reading…
Small gifts that don’t create an Inheritance Tax liability
HM Revenue & Customs allows you to make a number of small gifts each year without creating an Inheritance Tax liability. Remember, each person has their own allowance, so the amount can be doubled if each spouse or registered civil partner uses their allowances. Continue reading…
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