Inheritance tax (IHT) is the tax which is payable when a person dies. IHT is not payable in all situations. Below is a brief outline of some of the basic rules in relation to IHT Standard Nil Rate Band Each person has a tax free amount (‘nil rate band’) of £325,000. This means that when
This is a basic outline of the rules relating to inheritance tax and gifts made during a person’s lifetime. The rules may differ in certain situations, such as where gifts are made into a trust. When a person’s estate is valued to calculate whether inheritance tax is due, any gifts that the deceased person made
A woman has been appointed as her mother’s deputy in a power of attorney arrangement despite living more than 3,000 miles away in the United States. The judge held that the arrangement could work perfectly well because of the advances in modern technology including online banking. The case involved a woman who had been admitted
Relatives of a wealthy physicist have failed in their bid to inherit hundreds of thousands pounds from his estate. The physicist had several bank accounts, including one on the Isle of Man containing £250,000, and one in Jersey containing £500,000. He made a will leaving some assets to his family but then specifying that the
With an ageing population and more people living in less traditional family set ups it is becoming increasingly common for people to challenge wills and make claims on the estates of their deceased relatives. Challenging a will and making a claim on an estate are two quite different legal matters. The former is made on
Thousands of people set up lasting powers of attorney (LPA) each year to protect their interests if they ever lose mental capacity in the future. LPAs enable you nominate someone to look after your affairs if you are unable to do so yourself. The vast majority of LPAs work exactly as intended but occasionally things
The vast majority of people still prefer to ask a solicitor to write their will, according to new research by Will Aid. The number of people consulting solicitors about their will has risen by 2% over the last four years. Meanwhile, the number of people using will writers instead has fallen from 17.9% in 2008
Inheritance tax payments have been increasing due to rising house prices and an overall rise in family wealth and investment. The latest figures from HM Revenue and Customs show that just over £3 billion was collected in inheritance tax in 2013, an increase of 15% on the previous year and the highest figure since 2008
Thousands of people set up lasting powers of attorney (LPA) each year to protect their interests if they ever lose mental capacity in the future. LPAs enable you nominate someone to look after your affairs if you are unable to do so yourself. The vast majority of LPAs work exactly as intended but occasionally things
The vast majority of people still prefer to ask a solicitor to write their will, according to new research by Will Aid. The number of people consulting solicitors about their will has risen by 2% over the last four years. Meanwhile, the number of people using will writers instead has fallen from 17.9% in 2008