At 40%, the rate of Inheritance Tax (IHT) is one of the highest tax rates in the UK. It is also payable on ‘taxed money’, so most people are keen to avoid it if at all possible. Understanding [...]
Pensions can be a tax-efficient way of passing on your wealth because they are usually exempt from Inheritance Tax. Find out more about your options here. What is Inheritance Tax? Inheritance Tax (IHT) is a tax on your [...]
There are many ways to save money for your children from the very basic to the more complex of products. But which one is more suitable for investing for the long term? The consensus is that a junior [...]
Chancellor Jeremy Hunt announced several tax changes from the 2023/4 tax year, including reductions in capital gains and dividend allowances. It’s important to make the most of pensions and ISAs, as well as gifting allowances. With reductions in [...]
When we talk about the Bank of Mum and Dad, we are effectively talking about handing money over to your children. There are many reasons why your descendants might look to you for financial support, and many routes [...]
Millions of Britons say they want to plan to pass on wealth to their children and grandchildren in a Will – but fewer than half have written one, according to new research by LV. Failing to plan to [...]
As we approach the holiday period, some may be considering making gifts to family members - whether that be grandparents giving money to their grandchildren, or parents helping out their children during this season of giving. So, in [...]
Putting life on hold Rising living costs and its affect on life choices and milestones Welcome to the September/October 2022 edition of Smart Money. In this edition, we will be focusing on saving and investing in the current [...]
For many people, the challenges of the pandemic have changed their mindset on lifestyle and financial planning. As well as this, the uncertainty of this time has shifted many of the foundational concepts in estate and intergenerational planning. [...]
Putting your money or assets into a Trust can be a tax-efficient way of taking value out of your estate for Inheritance Tax purposes. Effectively, when you transfer anything into a Trust, it’s no longer regarded as yours [...]
The UK government offers a number of legitimate ways to reduce the amount of Inheritance Tax (IHT) you pay. For example, through effective planning, you could make sure that you give friends or family gifts of assets or [...]
When you die and leave money or possessions to your loved ones, Inheritance Tax (IHT) may be due on what you leave in your estate. But the tax owed will depend on everything from the overall amount you [...]
