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Meta
Blog Archives
What are the tax implications of being the Bank of Mum and Dad?
My husband has recently retired and we are ready to plan the next stage of our lives. Our first decision is to sell our historic but rambling country home and downsize to something more manageable. Once we have bought a …
Posted in Shorter Reads
Tagged Bank of mum and dad, First-time buyers, IHT, inheritance tax, property purchase, tax
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US tax changes could be imminent
The US House Committee on Ways and Means has proposed a raft of US tax changes intended to help fund the new administration’s grand infrastructure programme. Contained within the proposals are significant changes to some key estate planning tools that …
Posted in Shorter Reads
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The Giving Pledge
Founded in 2010 by a group of ultra-wealthy individuals (including Bill and Melinda Gates and Warren Buffet), the Giving Pledge invites other wealthy people to publicly commit to giving away the majority of their wealth to philanthropy. Initially a purely …
Posted in Shorter Reads
Tagged business assets, charitable giving, philanthropy, private wealth, The giving pledge
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Can I give my home to my children (and still live in it)?
For many people, their home is one of their most valuable assets, if not the most valuable. It is therefore an obvious candidate for lifetime estate planning. The question therefore often comes us as to whether it is possible for …
Posted in Shorter Reads
Tagged capital gains tax, estate planning, inheritance tax, lifetime giving
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How to efficiently gift business assets
For certain individuals, business assets can form a significant portion of their wealth and so considering how those assets might be passed to the next generation often forms a key part of their estate plan. Business assets can benefit from …
Posted in Shorter Reads
Tagged business assets, capital gains tax, estate planning, inheritance tax
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US/UK giving
Considering the UK tax rules on lifetime gifts can be complex, but having to marry these with the corresponding US rules if the donor and/or recipient are also US taxpayers can make the task yet more difficult. A donor can …
Posted in Shorter Reads
Tagged estate tax, inheritance tax, lifetime giving, UK capital gains, UK tax rules, US income tax, US taxpayers
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Lifetime Giving | Trusts and School Fees
Many families contend with paying school fees running into hundreds of thousands of pounds per child over the course of their education. This guide examines some tax efficient arrangements that other family members (typically grandparents) can use to contribute to …
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Gifting in the Arts (CGS v AIL)
The Arts Council England saw a record-breaking year in 2020 with the value of cultural objects and art entering public ownership equating to an impressive £64.5 million with £40 million of tax liabilities being settled in return. Philanthropic giving of …
Posted in Shorter Reads
Tagged art, capital gains tax, inheritance tax
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How can I help my children buy a house?
The Bank of Mum and Dad supported more than half of first-time buyers under the age of 35 in 2020 and is the sixth largest lender in the UK. The average amount provided by the Bank of Mum and Dad …
Posted in Shorter Reads
Tagged First-time buyers, Gifting, loans, trusts
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How should I approach charitable giving?
Charitable giving should always be encouraged. However, there are various ways to give to charity, and which is most appropriate will vary depending on the circumstances. Simple donations For small cash donations, particularly those to existing UK registered charities, simplicity …
Posted in Shorter Reads
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