The government’s opposition has recently confirmed that the Tories will still press ahead with their plans to end inheritance tax (IHT) on properties worth up to one million pounds. This followed comments from top Tory Ken Clarke suggesting that “it was only an aspiration”. He later retracted his statement insisting that the change would occur […]
Posted on March 30th, 2009 by Stephen
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What is a gift with reservation?
A gift which is not fully given away is known as a gift with reservation of benefit.
Where gifts with reservation were made on or after 18 March 1986, we can include the assets as part of your estate but there is no seven year limit as there is for outright […]
Posted on March 26th, 2009 by Stephen
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Here we look at legitimiate ways of not needing to pay Inheritance Tax (IHT)
Potentially exempt transfer
From the Inland Revenue:
Up to 22 March 2006, a potentially exempt transfer (PET) was an outright gift to an individual, to an accumulation and maintenance trust, or to a disabled person’s interest, which becomes an exempt transfer if the donor […]
Posted on March 23rd, 2009 by Stephen
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Is my home taken into account?
Yes. However, it will be disregarded for the first 12 weeks of residential care or permanent nursing home care. Then they’ll treat it as capital unless it’s lived in by your partner, a relative aged over 60, or an incapacitated person. If you have children under 16 that you maintain […]
Posted on March 19th, 2009 by Stephen
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Care home costs and fees remain the subject on most people’s lips once they’ve passed the sixty year age mark, not just because illness may be on its way, but because you’ll know of someone who has lost their home to pay for care home fees.
If you believe you may need care, it is most […]
Posted on March 16th, 2009 by Stephen
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This is one of those very little know Inland Revenue rules that could prove to be extremely useful where assets take time to sell. The Inland Revenue don’t go out their way to hides these rules, it’s just that most people don’t know where to look.
Ordinarily, all IHT should be paid within six months of […]
Posted on March 12th, 2009 by Stephen
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No so, in this case, as it’s apparently now quite a strong idea in Italy as well. What are we referring to – making your living will and posting it on YouTube?
It would be insulting to suggest that many people who wish to make a living will won’t even know what YouTube is. However, it […]
Posted on March 9th, 2009 by Stephen
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In this day and age when you can complete a standing order online; you signature can be accepted in some legal documents online; then are we close to the day that Wills can be signed, digitally, online?
The sensible clients store their documents with their will writing company; that way the documents remain safe, water and […]
Posted on March 4th, 2009 by Stephen
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For those of us over twenty years of age, Wendy Richard has been part of our lives for a long time. Whether we knew her as Miss Brahms, the shop girl in the Seventies sitcom ‘Are You Being Served’ or as Arthur’s wife Pauline Fowler from ‘Eastenders’ for 22 years until 2006, she was instantly […]
Posted on March 2nd, 2009 by Stephen
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