Property investors who want to help their children by gifting them a home can face a tax and financial nightmare.
One of the big worries is what happens to the home if the child has a failed relationship.
Several factors need considering: Continue reading Don’t forget the taxman if you are giving away property
Business guru Gerry Robinson is turning his talents to solving inheritance tax and estate planning problems for families in a new TV show.
The new six-part series ‘You Can’t Take It With You’ starts on BBC2 tonight (January 14) with a look at families who want to split their money between their children and favourite charities. Continue reading TV business guru switches on to wills and IHT
Inheritance Tax is unfair and unpopular and should be scrapped in favour of a new ‘gift tax’, argues an influential think-tank.
The Institute for Public Policy Research (IPPR) claims inheritance tax (IHT) is too easy to sidestep for the wealthy and estates are rarely charged at the IHT rate of 40%. Continue reading Scrap IHT to make wealthy pay more tax, urges think-tank
1) Create or update property schedule
2) Consider impact of higher interest rates
3) Look at ways to reduce cost (e.g. insurance, accounting, advertising costs)
4) Make/update Will Continue reading Suggested New Years Resolutions for Landlords
I’ve raised this question is that it’s important to me.
Am I in the minority though?
I’ve insured my life and written the policy into trust to pay IHT without attracting further IHT. However, this is going to get more and more expensive as I get older and my wealth grows. I’ve also investigated various other schemes, most of which involve transferring the properties into a trust. This is fraught with problems including CGT, IHT, stamp duty and financing. Continue reading Are Property Investors interested in ways to reduce IHT?
The Treasury announced new tax avoidance measures aimed at raising at extra £2 billion in tax over the next four years today.
The announcement is the first step of the government’s much-vaunted tax avoidance blitz on individuals and companies – and more will soon follow promises the Treasury. Continue reading Treasury crackdown to tackle £2 billion tax cheats
HM Revenue & Customs (HMRC) has issued a warning to anyone who hasn’t yet sent in their self-assessment tax return – file online or face a £100 penalty.
The October 31 paper-filing deadline has passed, so anyone filing a late paper tax return could be liable to a £100 penalty. Continue reading HMRC gets tough over late £100 fines for late tax returns
More than 30 million people in the UK do not have a will – even though nine out of 10 have a good idea who should inherit their wealth when they die. Continue reading Children suffer most if parents have no will.
The 30 million people in the UK who do not have a will are letting the government grab a large chunk of their wealth when they die, when some effective financial and tax planning could mean financial security for their family and loved ones. Continue reading Inheritance Tax FAQ.
Inheriting a property means making some important decisions that have lifestyle, tax and other financial consequences. Continue reading Taxing decisions to make when inheriting a home.