Living outside the UK

What happens when someone dies?

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…


Giving to charity

Reducing an Inheritance Tax – it’s good to give

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…


What a relief

Assets that pass on free of Inheritance Tax

Inheritance Tax reliefs allow some assets to be passed on free of Inheritance Tax or with a reduced bill. Continue reading…


Gifts

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…


Paying Inheritance Tax

Estimating how much liability you could leave behind for your loved ones

Usually the ‘executor’ of the will or the ‘administrator’ of the estate pays Inheritance Tax using funds from the estate. Continue reading…