Please find below the latest news affecting you.
Re-gifting inheritance to minimise tax
Deeds of variation are a useful tool with potential to save tax which is not always appreciated by non-tax experts. Many people do not realise that when a person receives a gift under a will they may be able to pass the gift on to those with more immediate needs, in a tax efficient way.
Minimising inheritance tax using the Residential Nil Rate Band
The Residential Nil Rate Band (RNRB) has been phased in by HMRC over the past four tax years. It is available when property is left to direct descendants, but planning is required to secure the full £175,000 rate that is effective from 6 April 2020.
Tax considerations for separation and divorce
One of the biggest concerns when dividing marital assets is how to limit financial liabilities to preserve wealth. So, although tax may not be at the top of the list of priorities when dealing with a divorce, it is extremely important.
Potential tax savings from investing in ISAs
Tax may not be the primary concern of casual investors but may turn out to be costly; so tax efficient investments are always worth considering. An ISA is an appealing option commonly utilised by investors, it is worth understanding their benefits and limitations.
Many unaware of National Insurance gaps impacting pensions
Some individuals are retiring to find that they do not qualify for a full State Pension due to gaps in their National Insurance record. HMRC stress that it is down to the taxpayer to monitor their National Insurance record and top up any shortfalls before it is too late.