It’s January, a time for fresh starts and positive changes, new gym memberships and healthier eating. Whatever, you’ve resolved to change or do in 2022, it’s not too late to add another – very important – task to your plan: making a Will. You’ll be surprised how good you feel once you’ve finally crossed it off your to-do list.
Ensuring your loved ones receive what is rightfully theirs in the future is the most common reason for making a Will. Imagine if, despite setting out your wishes in a Will, your heirs could still lose their inheritance. This can, and does, happen. We explain how and what you can do to make a truly formidable estate plan.
According to a recent report from property experts, Savills, 75% of the UK’s housing wealth is now owned by the over 50s. Small wonder, then, that the yield from Inheritance Tax is rising. What can you do to minimise the impact of IHT on your estate?
After deciding who gets what, the second most important decision you will have to make when writing your Will is who your executors will be. Here we explain the role of the executor to help you make a suitable choice.
Honesty is, of course, always the best policy, especially when declaring your income and gains for tax purposes. HMRC are bringing in tough new penalties for UK taxpayers who fail to tell them about income from abroad on which UK tax may be due.
If making a Will is something you keep meaning to do but haven’t got around to, we can’t stress the importance of moving it up your ‘to do’ list.
Inheritance Tax (IHT) at a rate of 40% may be charged on the estate when someone dies, unless it has been left to a spouse or civil partner. When planning to mitigate the impact of IHT, there are a number of key points and tax reliefs to bear in mind.