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Private Client Quarterly Tax Digest: Summer edition - 2020

Welcome to the Summer edition of the Private Client team's quarterly tax digest (QTD). Featuring news and insights on tax topics relevant to private clients.

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.

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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. 

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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.

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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.

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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.

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Want to read our previous articles?

Spring edition - 2020 

In this edition we look at practical steps to to take to reduce your 2019/20 tax bill, urgent action required on selling residential property and guidance from HMRC regarding the location of cryptocurrencies for tax purposes. We also review the impact of a recent case regarding abandoned construction contracts and delve into trusts and considerations before their use and structuring.

 

Autumn edition - 2019
In this edition, see how Gift Aid can reduce your tax bill, catch up on an important notice for those claiming Entrepreneurs Relief, and read guidance around the crucial difference between lasting power of attorney and executors. We also take a look at how to navigate your way through your financial obligations after the death of a loved one.  

Summer edition - 2019 
Read our advice on how to deal with phone scammers, an introduction to cryptocurrency, guidance around securing you and your family's financial future as well as our thoughts on new Prime Minister Boris Johnson's proposed higher-rate tax cut.

Looking for more information?

If you have a query about any of the topics mentioned in this article, please fill in the form below and one of our experts will be in touch.

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