HM Revenue & Customs has reported that total inheritance tax receipts were £5.35 bn for the 2020/2021 financial year. This is a 3.68% rise from the previous year. In the tax year 2018 to 2019, London and the South East accounted for 53% of the total inheritance tax charged across England. The average tax paying…
Among the Private Client team, clients often ask us whether putting their home into the names of their adult children would be a good idea. This is usually due to concerns about the costs of care as they become elderly, or perhaps fears that their home would have to be sold to pay Inheritance Tax…
The programme is based on the work of probate detectives trying to find an eligible relative for a surprise inheritance. So why did 55,000 estates last year pass to the Bona Vacantia Division of the Government? Simply because the deceased failed to make a Will and did not leave any eligible relatives. If you do…
If you are widowed and your spouse/civil partner was an ISA saver then did you know that you benefit from the right to retain their ISA wrapper? Under the previous system, when someone died, any savings held in an ISA automatically lost their tax-free status, and the tax benefits were lost forever. This meant that…
Nowadays many people have second marriages where their new partner already has children, some of whom are adults. If you have a step-child and you have not formally adopted the child, then they will not automatically inherit your estate when you pass away. This is particularly important where the step-child is of adult age and…
Barrett and Co can offer you advice on how to reduce your inheritance tax bill…please get in touch As the end of the tax year draws to a close we take this opportunity to remind you of annual gift exemptions that you may want to quickly take advantage of, or plan for the new financial…
