Latest News within Inheritance Tax
Banner Jones is delighted to have become a recent member of the Derbyshire County Council Trusted Trader scheme.
The scheme, with its distinctive purple logo was set up in 2008 to help local people find traders and businesses who are committed to providing good customer service at a fair price.
Estates liable for Inheritance Tax in the UK in 2010-2011 faced a bill of nearly £166,000 on average, according to new analysis of HMRC data by Prudential. The study, based on the latest publicly available regional data on tax receipts, shows that in the 2010-2011 tax year, inheritance tax was paid on around 15,600 estates with a total bill of £2.6 billion
UK domiciled individuals with non-UK domiciled spouses or civil partners will welcome changes to the inheritance tax (IHT) regime from 6 April 2013. The changes could reduce potential IHT liability on transfers to their spouses or civil partners, whether during their lifetime or on death.
In an unfortunate recent case, the High Court concluded it couldn’t use the Administration of Justice Act 1982 to correct an obvious error made in executing a will. Under that Act a “clerical error” can be corrected. Sarah Nadin, Head of Wills & Probate at Banner Jones says: "A very unusual case, with lessons for all to think about.”
Business owners usually try to use a tax efficient structure for their business, the question is which taxes are they trying to minimise? Income and Corporation taxes are top the list so that income can be extracted efficiently. Capital gains tax also on the list, especially for those preparing their business for sale. But what about Inheritance tax (IHT)?