IHT: Don’t forget to transfer any unused nil rate band

The rules around inheritance tax (IHT) allow spouses or civil partners to transfer any unused nil rate band to the surviving spouse or civil partner, following his or her death. This means that a person’s estate can benefit from twice the nil rate band that would normally apply. However, in order to benefit from this rule, following the death of the second spouse or civil Read more…

UK families facing inheritance tax hits 35-year peak

The Office for Budget Responsibility (OBR) has released new figures that show the number of UK families paying inheritance tax (IHT) is at a 35-year high. Surging house prices have pushed up the value of family assets above the static tax threshold, resulting in an estimated 40,100 families facing payments on their inheritance in the current tax year; almost three times as many as six years ago. Read more…

Brits set to ‘pay taxman £4.7bn more than needed’

New research suggests that UK tax payers are set to waste almost £5 billion this year by paying more tax than necessary. The 2014 TaxAction research, released on 17 February by www.unbiased.co.uk, a website enabling consumers to find professional advisers, reveals that taxpayers are set to pay £100 million more in tax than they did in 2013 by not making the most of tax reliefs Read more…