Double Tax Conventions and IHT
Double tax on estates can still hit families hard, even with treaties in place. When someone dies with ties to more than one country, their estate may face inheritance tax in both jurisdictions. Fortunately, the UK has Double Taxation Conventions with several countries to help reduce or eliminate
Current IHT gift reliefs
Lifetime gifts can reduce Inheritance Tax, but survival for seven years and using key exemptions like the £3,000 annual allowance are crucial to making them fully tax-free.
Most
IHT exemption – normal expenditure out of income
Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones and stay outside your estate without the
Changes to IHT from April 2025
From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners entering long-term
Probate waiting times halved
The Ministry of Justice (MOJ), together with HM Courts & Tribunals Service (HMCTS) and the Minister for Courts and Legal Services, has announced significant improvements in
Gifts exempt from Inheritance Tax
Navigating the intricacies of Inheritance Tax (IHT) can be daunting, but understanding the available gift exemptions and strategic planning can significantly reduce potential
Tax chores if managing a deceased person’s estate
When someone dies, their personal representative (executor or administrator) must value their estate to determine if Inheritance Tax (IHT) is due. This involves assessing assets,
