Inheritance Tax Planning

Inheritance Tax Planning

Family Taking a Photo

What is Inheritance Tax? Inheritance Tax (IHT) is a tax on the estate of someone who has passed away. It takes into account all of your property, possessions and money, such as: Bank accounts Your home(s) Land Shares Vehicles A payout from an insurance policy Jointly-owned assets Investments Pensions Art and jewellery It applies to…

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Holiday Let Owner Wins Business Property Relief Case

Exterior of beach house

In a landmark case, the Executors of the late Grace Joyce Graham have won against HMRC, allowing Business Property Relief (BPR) to be claimed on her holiday let. Mrs Graham owned a holiday letting business which was part of her family home on the Isles of Scilly. This was run on a day-to-day basis by…

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New Figures Show Continued Growth in Families Paying Inheritance Tax

Granddad giving a present

HMRC have released their latest statistics on Inheritance Tax (IHT). They showed that a record of £5.2 billion was collected in the last year. This is a £388 million increase in IHT compared to £4.8 billion in the previous year. It is expected to reach £6.4 billion by 2022/2023. And, it may rise further, with one…

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