March 2015 – Joker George & “Deeds of Variation”
One of the things the Chancellor, George Osborne, said in his Budget speech on 18th March was: “I can also tell the House that we will conduct a review on the avoidance of inheritance tax through the use of deeds of … More
February 2015 – Generous George; Surviving Spouses; & ISAs (INDIVIDUAL SAVINGS ACCOUNTS)
Some key points about the current regime for ISAs “Individual savings accounts” – generally referred to as “ISAs” – were introduced by Gordon Brown in 1999. The general idea was encouraging savings by providing that, subject to modest limits, funds … More
April 2014 – Inheritance Tax (“IHT”) and “mixed marriages”
This Note touches on particular changes to the IHT rules made in the Finance Act 2013 (“FA 2013”) concerning transfers of property between spouses. (References below to “spouses” include civil partners, and references to “marriage” include a civil partnership.) Before … More
April 2012 – HMRC Revised approach to normal expenditure exemption
If you make lifetime gifts then, in the event of your death, they may be added back when it comes to working out any inheritance tax (“IHT”) payable on your estate. But some gifts are “exempt” from IHT so they … More