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The amount of money raised from inheritance tax fell for the first time in a decade last year, new figures from HM Revenue and Customs have revealed. The amount of cash raked in from the death tax slumped £223million, or 4 per cent, in the 2019-20 tax year, but the charges still bolstered the Treasury’s … Read more
Parents secretly plan to leave a FAR bigger inheritance to their children than they expect is in store and just one in five families discuss plans People anticipate an inheritance of £78,000 on average from their parents Parents say they intend to pass on £124,000 on average Just a fifth of UK adults discuss inheritance … Read more
On the ball: Jonathan Davies has invested in property Former rugby star Jonathan Davies would abolish inheritance tax if he were made Chancellor of the Exchequer. Davies was a schoolboy when his father died from cancer and later he lost his first wife, Karen, to the disease when his youngest child was only a year … Read more
Are you banking on a big inheritance? Many are hoping a generous bequest will support them in old age Nearly one in five adults anticipate receiving a significant sum Young and middle aged are more likely than over-55s to expect a big bequest Plan for not getting an inheritance in case of disappointment, warns Hargreaves … Read more
I have just read Steve Webb’s column about a lady believing she was divorced and she in fact wasn’t. I find myself in the same position. A decri nisi was issued but not a decri absolute. I only discovered this when applying for my state pension and they required a copy of the absolute. I … Read more
A 36 year old mother-of-three claimed £13,000 in state benefits – even though she had almost half a million pounds hidden in a secret bank account, a court heard today. Hannah Chandler had accumulated more than £460,000 after receiving a big inheritance from her late mother – but that did not stop her claiming income … Read more
Could you claim an inheritance tax refund on shares that dived in value? You may claw back substantial sums – but you’ll also lock in losses Some could have ‘overpaid’ inheritance tax when shares were at peak value Inheritance tax is calculated on the value of assets on the date of death It is 40% … Read more
My husband and I are in our early 60s and have recently retired. We have paid off the mortgage on our home, which we think is worth around £600,000. Our other assets (mainly investments) are worth around £500,000, including a £100,000 investment, which we made recently, having been told it would be free of inheritance … Read more
Inheritance tax ‘loophole’ that allows wealthy families to avoid levy by investing in farmland could be closed in Chancellor Rishi Sunak’s Budget Currently people can invest in assets and their children don’t pay inheritance tax The rules exist to allow family-owned businesses or farms to be passed on However, some critics say this is simply … Read more
The Bank of Mum and Dad helps to fund as many as 60 per cent of first-time buyer home purchases in some parts of the UK. With high house prices making raising a deposit tough, parents and grandparents regularly step in with potentially tens of thousands of pounds to give the younger generations a leg-up. … Read more