Tag Archives: inheritance tax

Can I gift my holiday home or rental property to my children

The principal tax to consider when making gifts is inheritance tax (IHT). The gift of a property will be a ‘potentially exempt transfer’. If you survive the gift for seven years, you will escape paying IHT on it, but if …

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What gifting options do non-domiciliaries have?

What is a non-dom? A non-dom is someone who is neither domiciled nor deemed-domiciled in the UK. Broadly, a person’s domicile is the place they consider to be their permanent home. Your domicile of origin is your father’s domicile when …

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Gifting up a Generation

A scenario frequently encountered is where a client has accumulated significant wealth during his or her lifetime and wishes to care for elderly relatives – often parents – but without triggering IHT on their deaths. It is a particular issue …

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Agricultural property relief

The purpose of APR is to exempt agricultural property from the Inheritance Tax which would otherwise have been payable when the property is transferred from one owner to another, either as a lifetime gift or, more likely, on death. If …

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Gifts with international elements

When considering making lifetime gifts, international elements can complicate matters. The international dimension may arise because you have assets in foreign jurisdictions or because you are resident or otherwise subject to tax in another country.  In such circumstances, it is crucial …

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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 …

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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 …

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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 …

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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 …

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How women can prepare for their greater exposure to IHT

Given that women on average live longer than men, it is more likely that women will inherit significant wealth from their spouses and other family members than their male counterparts. As a result, a recent study states that women have …

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