inheritance tax

How do I contest a will?

Chris Thomas — Mon, 06 Oct 2008 15:09:16 +0100

"Ten years ago my father retired and emigrated to France where he married again. However, he recently passed away, leaving wills in both France and the UK that left his assets to different parties. What rights do I have to contest the wills?"

Ask the Professionals: Lauren Parker, solicitor at law firm Mills & Reeve, says:

Can LAs seize property for long-term care costs?

Chris Thomas — Mon, 18 Aug 2008 14:41:44 +0100

Back in 2003, my 87-year-old father-in-law gifted his home to my wife and her brother. The home was valued at the time at £96,000 and it’s currently worth about £143,000.

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Pre-nups could become legally binding

Rebecca Atkinson — Thu, 12 Jun 2008 17:00:53 +0100

Pre-nuptial agreements could become legally binding, following a legal review by the Law Commission.

The UK’s legal system has previously resisted allowing these "marriage contracts" to become legally binding. Currently, the courts can only use these contracts as guidance for divorcing couples.

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Don't let the taxman get a slice of your inheritance

Chris Thomas — Mon, 19 May 2008 15:53:32 +0100

Inheritance tax (IHT) was once a tax for the very wealthy. However, a decade of rising house prices and smart investments mean that an increasing number of us are likely to leave our loved ones with a substantial IHT bill.

IHT, which is set at a flat rate of 40%, is payable on the value of your estate above the nil rate band (£312,000 in 2008/09). Therefore, if someone dies with an estate worth £500,000, their beneficiaries will face an IHT bill of £75,200 - 40% of £500,000 minus £312,000.

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Spinster sisters lose inheritance tax appeal

Rebecca Atkinson — Wed, 30 Apr 2008 13:56:19 +0100

Two elderly sisters who have lived together for 30 years have had their appeal against inheritance tax rejected by the European Court of Human Rights.

Joyce and Sybil Burden – who are both unmarried - were appealing against a ruling that they should be liable for inheritance tax when the first of them dies.

Married couples or those in civil partnerships are exempt from paying any inheritance on their first death, but this does not apply to siblings. Under current UK law, the surviving sister will therefore have to pay 40% inheritance tax on the estate above a nil rate band (currently £312,000 for 2008/09).

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Tax changes at a glance

Rebecca Atkinson — Mon, 07 Apr 2008 15:13:50 +0100

The new tax year has brought in a host of tax reforms. Here is the Moneywise guide to the changes impacting your personal finances this tax year.

ISAs

The most popular tax change is likely to be higher allowances for ISAs. The annual limit on saving through ISAs is now £7,200, of which up to £3,600 can be saved as cash. If you choose to invest the maximum amount in cash, then you can only invest £3,600 in stocks and shares.

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How important is leaving an inheritance to your loved ones to you?

Rebecca Atkinson — Mon, 31 Mar 2008 17:25:29 +0100
* Very – I have taken steps to protect their inheritance from the taxman * Quite – I want to leave them an inheritance but haven’t gone to great lengths to avoid inheritance tax * Maybe – it there is something left for them that’s great, but I don’t want to make sacrifices in retirement * Not at all – it’s my money and I intend to enjoy it

Please reform inheritance tax, Darling

Rebecca Atkinson — Fri, 15 Feb 2008 17:27:53 +0000

Inheritance tax has come out top in a survey of the most hated taxes that Brits would like to see reformed in this year’s Budget.

A survey by accountancy firm Maclntyre Hudson found that 82% of taxpayers would like to see the threshold on inheritance tax raised in Alistair Darling’s first Budget on 12 March.

A further 80% of people surveyed want Darling to increase the threshold for higher rate income tax, while 78% want the rate of Stamp Duty lowered and 75% want council tax to be reduced.

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Cashing in on your home

Rebecca Atkinson — Thu, 24 Jan 2008 15:42:31 +0000

Amid a credit crunch, a stagnant property market and tightening lending criteria, one area of financial services continues to thrive - equity release. In fact, as nerves fray over the housing market, equity release is bigger than ever, especially among those planning how to fund their retirements.

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Where there's a will there's a way

Rebecca Atkinson — Tue, 11 Dec 2007 11:11:44 +0000

Once there was an old lady - let's call her Jane - who died at the age of 84. She left an estate worth £200,000, including her home, a bungalow. She was an only child, had never married, had no children, and her parents were long gone.

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