Bereaved families overpaying up to £140k in Inheritance Tax

Bereaved relatives are unnecessarily paying up to £140k in Inheritance Tax ‘IHT’ due to a lack of knowledge of the nil rate main residence band. This is partly because HMRC has not promoted this complex relief, causing families to pay more tax than is required. Since 2018, the main residence nil-rate band provided extra tax relief for homeowners when passing … Read More

Refund claims for overpaid IHT more than double

One of the effects of the Covid-19 pandemic is the fall in value of investments, particularly shares and property. Executors and beneficiaries dealing with the estates of the recently deceased have been particularly affected as IHT is based on the value of the estate at death, not on sale of the assets. Many taxpayers who paid Inheritance Tax (IHT) on … Read More

What we’re expecting to see in the Budget 2020

Based on rumours, political commentary and our professional hunches, here’s what we’re expecting to hear in the Budget on 11th March 2020: Entrepreneurs’ Relief – ER at 10% is currently available on sale of qualifying business assets, which include a trading business or shares in a trading business. The rate is available on lifetime gains up to £10m then usual … Read More