Inheritance Tax receipts increase: will you be affected? Figures recently published by HMRC show that Inheritance Tax (IHT) receipts between April 2021 and March 2022 were up by £700m to £6.1bn. This represents a 13% increase compared to the previous year. HMRC has...
Myth: All your debts will be written off when you die Mortgages, loans, credit cards, car finance…..whatever the debt, there’s a myth where people think their debts are written off when they die. But that’s not the case. Any assets you had before your death,...
The 7-year rule only applies to liability for Inheritance Tax (IHT). If your total estate at death is valued at more than the Nil Rate Band (NRB)*, there will be Inheritance Tax (IHT) of 40% due on the remaining amount. Can you give away your money before you die?...
I’m sure you heard of the recent deaths of high profile figures – Terry Wogan, Frank Finlay, David Bowie and Alan Rickman. There are also many other people who die every day, and this has a huge impact on their family and friends, even if it doesn’t make the...
Administering an estate after someone has died is also known as dealing with Probate. If there is a Will, there will be an executor named who will be responsible for administering an estate for someone who has died. If there is no Will, or no executor, then there are...
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