inheritance

Should inheritance tax be replaced with a 10% gift tax?

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Inheritance tax at 40 per cent should be ditched and replaced with a 10 per cent tax on annual gifts of £30,000-plus and a new death allowance, says a report by MPs. Their proposals would sweep away the current rules, including the seven-year survival one on large gifts – whereby the money gradually becomes free … Read more

LLoyds wills blunder creates inheritance mess for hundreds of families

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Hundreds of bereaved families could be forced to unravel estates wound up years ago after Lloyds Banking Group discovered a vast trove of old wills it could not match to customers. Lloyds confirmed the massive storage blunder, revealed by the Financial Times, which has left it scrambling to reunite about 9,000 families with loved ones’ … Read more

Inheritance tax rules on gifts ‘should be replaced with single personal allowance’

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The confusing array of inheritance tax rules on giveaways to loved ones should be swept away and replaced with a single ‘personal gift allowance’, say Government officials. The ‘seven-year’ rule for large gifts, which means that if you survive the money gradually becomes free of inheritance tax, should be axed in favour of a set … Read more