by Chris Carter | Aug 7, 2024
Business Relief (BR) can reduce the value of a business or its assets when calculating inheritance tax: Qualifying assets: Shares in an unlisted or AIM listed company, an interest in a business (such as a partnership), or some types of farmland or woodland can qualify...
by Chris Carter | Aug 7, 2024
Inheritance tax on jointly owned property depends on how the property is owned: Joint tenants: If the property is owned as joint tenants, the deceased’s share passes automatically to the surviving owner(s), and the value of the deceased’s share is included in...
by Chris Carter | Aug 7, 2024
There are several strategies to reduce your inheritance tax liability, including: Gifting: You can give away up to £3,000 each year and immediately fall outside of your estate. There are additional allowances for weddings. Larger gifts will not fall outside of the...
by Chris Carter | Aug 7, 2024
As of the current tax year, the inheritance tax (IHT) rates in the UK are: Nil-rate band: The first £325,000 of an individual’s estate is tax-free. Residence nil-rate band: An additional £175,000 may be available if the deceased leaves their home to direct...
