Are the gifts you made subject to inheritance tax?
July 11, 2019
Inheritance tax – proposals for change
Inheritance tax is an issue that needs to be considered in all estates regardless of their value. The current inheritance tax rules are long and complex and there have been ongoing debates relating to reform of inheritance tax for many years. Most recently there has been a proposal to change the current seven year rule to five years for gifts. This would mean that gifts made 7 years before the owner died would not be subject to inheritance tax.
Read further on the current reform proposals reported in the Law Society Gazette here:
Inheritance tax needs to be considered during your lifetime and in particular when making your Will. As the rules around inheritance tax are constantly changing it is important to keep your affairs up to date. Here at Pinkney Grunwells our Private Client department offer professional and comprehensive advice on inheritance tax and estate planning. If you would like any further information please contact us at your nearest Pinkney Grunwells office.
Facing redundancy or layoffs can be a challenging and emotional experience. Whether you are an employee who has been informed of impending job loss or a manager tasked with making difficult decisions, understanding your rights and the processes involved is crucial. This guide will help you navigate redundancy and layoffs, ensuring you are informed and prepared for the journey ahead.
Purchasing a second home can be a fantastic investment, whether you’re looking for a holiday retreat, a buy-to-let property, or a place to retire. However, buying a second home comes with its own set of legal and financial considerations. Before you jump into the process, it’s important to understand the legalities involved to ensure a smooth transaction and avoid unexpected costs or complications. In this blog, we’ll walk you through the key legal aspects of buying a second home in the UK, from additional taxes to legal obligations.
Divorce and separation can be emotionally draining and time-consuming. Traditional methods of resolution, such as court proceedings, often lead to prolonged conflicts and increased costs. However, mediation offers a more efficient and cost-effective alternative. Mediation can help separated couples manage arrangements concerning their children and address financial issues arising from separation. Additionally, there is legal aid available (if eligible), along with a £500 voucher to assist with the mediation process where child arrangements are discussed. In this blog, we’ll explore how mediation can save you time and money, making the process smoother for everyone involved.
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Facing redundancy or layoffs can be a challenging and emotional experience. Whether you are an employee who has been informed of impending job loss or a manager tasked with making difficult decisions, understanding your rights and the processes involved is crucial. This guide will help you navigate redundancy and layoffs, ensuring you are informed and prepared for the journey ahead.
Purchasing a second home can be a fantastic investment, whether you’re looking for a holiday retreat, a buy-to-let property, or a place to retire. However, buying a second home comes with its own set of legal and financial considerations. Before you jump into the process, it’s important to understand the legalities involved to ensure a smooth transaction and avoid unexpected costs or complications. In this blog, we’ll walk you through the key legal aspects of buying a second home in the UK, from additional taxes to legal obligations.
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