Article Tag: tax

Justine Clowes on inheritance tax implications as HMRC collections rise

inheritance tax

Justine Clowes, Regional Director of SFE (Solicitors for the Elderly) and Head of the Private Client team at SAS Daniels LLP, says inheritance tax (IHT) could be a ticking time bomb for many families. Last week HMRC revealed IHT collections for April to July 2021 were £500million higher than the same period a year earlier…. Read more »

How Would a Rise in Capital Gains Tax Affect Residential Properties?

Chancellor, Rishi Sunak, announced in his 2021 Budget that the Capital Gains Tax (CGT) rate would be left unchanged. From a property perspective, CGT applies to the profit made on the selling of buy-to-let properties and second homes. The threshold for CGT currently stands at £12,300, and the rate stands at 28% for higher rate… Read more »

Budget 2021: Capital Gains Tax and Divorce

Capital Gains Tax (CGT) is payable on the disposal of an asset whether it is sold, gifted or whether you are ordered to transfer it as part of a court order. The “gain” is the difference in the value of the asset when it was acquired and its value when you dispose of it. In… Read more »

Budget 2021: Impact on Your Estate

Desk with document titled inheritance tax

In the months leading up to the Budget, several rumours were circulating about the changes that would be made this year. Chancellor Rishi Sunak announced that inheritance tax and capital gains tax would remain the same, but what does this mean essentially and how does it impact making lifetime gifts and the value of your… Read more »

Succession Planning: Make the Most out of Your Legacy

People sat around a table discussing succession planning for business

Research by Brewin Dolphin revealed that 47% of UK adults have never discussed passing on their legacy, while the National Bureau of Economic Research reports that only 12% of firms make it to a 3rd generation*. Unfortunately, by not taking professional advice on your succession planning, your family may pay out more inheritance tax on… Read more »

The Vigne Decision: A New Glimmer Of Hope For Business Property Relief

A recent court decision, the Vigne case, has given a glimmer of hope for taxpayers hoping to qualify for Business Property Relief from inheritance tax. Business Property Relief (BPR) offers significant tax savings, often 100%, so it is obvious why taxpayers are keen to maximise this relief where possible. The Vigne decision, upheld the claim… Read more »

Downsizing Dilemma

Downsizing or moving to a smaller property can be the ideal solution for older people who are looking to preserve their independence or to unlock the value of a larger home. Whilst this can bring conflicting emotions there are also significant benefits to be enjoyed such as cheaper overheads, reduced maintenance, less restrictions on mobility… Read more »

New wills and inheritance quality scheme

The call for will writing to be regulated was a result of the growing number of wills badly drafted by solicitors and non-solicitors alike; however, following the disappointing announcement by the government in May this year that will writing will not be regulated, The Law Society has created a new initiative in attempt to deal… Read more »