Inheritance Tax Articles

Lifetime transfers and liability to IHT

Special rules apply to the Inheritance Tax (IHT) liability of a lifetime transfer. For instance, tax doesn’t apply to most gifts at the time of giving. We call these lifetime transfers ‘Potentially Exempt Transfers’ or ‘PETs’. If the taxpayer lives for more than seven years after making the gift, these gifts or transfers can become exempt from IHT. If the taxpayer dies within three years of...

Transferring unused nil rate band for IHT

Married couples and civil partners can transfer the Inheritance Tax (IHT) residence nil rate band (RNRB) when they pass on their main residence to a direct descendent, such as children or grandchildren, after their death. The government increased the allowance to its current maximum level of £175,000 on 6 April 2020. The deceased person’s children or grandchildren can claim this allowance. If a...

IHT gifts – 7 year limit

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These IHT gifts or transfers achieve their potential of becoming exempt if the taxpayer survives for more than 7-years after making the gift. If the taxpayer dies within 3-years of making the IHT gift, then the inheritance tax...

Reporting expenses and benefits to HMRC

The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted...

Tax credits reminder

We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000...

Changes to Companies House Fees

There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024....

Childcare funding for under 9-month-olds

In a recent press release the Department for Education confirmed that parents of children from 9 months old can now...

Universal Credit changes

Universal Credit claimants working less than half of a full-time week will have to look to increase their hours but...

by Andrew Stanton

HMRC cautions against VAT bank details fraud

HMRC warns of fraudulent use of Form VAT 484 to access VAT repayments. Businesses should verify their bank details and...

by Sam Baldwin

Increasing business value with ESG

Integrating ESG practices into your business model can unlock a wide variety of benefits including reducing costs and growing your...

by Sam Baldwin

What do your core values actually mean?

Here are a few quick tips to help you discover your core values and fine tune your value statement to...

Deferring National Insurance payments

Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain...
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