Monthly Archives: July 2015
Whenever I see clients about their Wills, I always mention Lasting Powers of Attorney at the same time, because in my eyes, they are equally important. In the same way none of us wants to die, none of us wants either to be in a state of mind where we are unable to make our own reasoned decisions – but it happens. Don’t leave it too late to do this, as it will involve all sorts of unwanted extra bureaucracy and costs (as I keep telling my clients, who still insist that they have no intention of “losing their marbles anytime soon!) Continue reading
The Tories’ long-promised changes in Inheritance Tax (I.H.T.) have finally been announced in George Osborne’s latest budget. The “headline” major change being that you will now be able to pass on your family home free of any I.H.T. provided it isn’t worth any more than £1m.
I.H.T. is payable on each and every individual’s Estate at 40% if it is valued above the I.H.T. threshold when they die. Currently this threshold, which is known as the “nil-rate band”, is set at £325,000 per person. This level was set some five years ago and is not changing.
A reduced rate of I.H.T. is available to persons who leave at least 10% of their Estate to Charity. This remains unchanged at 36%. Continue reading