3 financial gifts for children and grandchildren this Christmas
Research from the price comparison site Compare the Market has revealed that parents spend an average of £259 on presents for their children every Christmas. So, with Christmas just around the corner, we look at three types of financial gifts for children and grandchildren.Read more
Is Inheritance Tax being abolished?
In the last tax year, Inheritance Tax (IHT) receipts reached a record high level of £5.4 billion. On average, liable estates paid £179,000 of tax, with bills having risen steadily in recent years, mainly thanks to rising property prices and the government freezing individual’s £325,000 Nil Rate threshold.Read more
Inheritance Tax Planning: The Residence Nil-Rate Band (RNRB)
Inheritance tax (IHT) is one of the UK’s most detested taxes because, after working hard your entire life, the Government takes a final bite of your estate after you have gone. But IHT may also be considered a ‘voluntary’ tax, since the right financial planning can ensure your estate legitimately pays the minimum amount of tax possible.Read more
Inheritance Tax Planning: An Introduction To Business Property Relief (BPR)
Business property relief (BPR) was created to prevent family owned businesses becoming potentially liable to inheritance tax on the death of their founders. It works by exempting shares held in qualifying businesses from the tax. The benefits of BPR extends beyond family tax planning as the government has recognized that this tax relief encourages investors to buy shares in small trading companies, regardless of if they run the business themselves.Read more