Tax Advice

How the 7 years rule applies to Inheritance Tax

You shouldn’t be afraid of giving your loved one’s gifts, you don’t immediately incur inheritance tax when you make a gift whilst you’re alive.

Do you have to pay tax on a Gift?

Not every gift you give in your lifetime is going to be subject to inheritance tax.

What is Inheritance tax?

Not every estate has to pay inheritance tax. It depends on the value of the estate and whether additional tax allowances can be applied.

Discussing your Inheritance

At some point in our lives, the time will come where you have to speak to your parents about your inheritance.

Inheritance tax reliefs slashed by a third

We spend our whole lives working and saving money only for are relatives to get a bad deal upon our death.

Probate fees to increase under new charging structure

Probate fees to increase under a new system could see some pay £20,000 when left estates worth more than £2m by a deceased relative.

Probate and inheritance tax forms – The PA1P and PA1A

If the deceased’s estate requires probate in order to administer it, the personal representative will need to apply to the probate court for a Grant of Representation.

Probate and IHT forms explained.

Previously we have gone through the PA series of application forms you will need for probate. The PA1 form is the simplest in the process.

The History of Inheritance Tax

Probate duty remained the same for 86 years until 1780 when Lord North, Chancellor of the Exchequer between 1767 and 1782, changed the way probate duty was charged to a graduated rate.

Insurance for a Deceased’s unoccupied property

If the property was held in joint names or tenants in common the remaining owner should contact the insurance companies and make arrangements to keep the home covered.

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