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Meta
Tag Archives: inheritance tax
Can I make cash gifts under a power of attorney arrangement?
The “normal expenditure out of income exemption” is a tax break that allows individuals to give gifts as part of their regular spending, as long as they have enough income left to maintain their usual standard of living. Attorneys with …
Can I gift my holiday home or rental property to my children
Transferring ownership of property from parent to child in the UK 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 …
Posted in Shorter Reads
Tagged Gifting, holiday home, IHT, inheritance tax, lifetime giving, tax
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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 …
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 …
Posted in Shorter Reads
Tagged IHT, inheritance tax, loans, PET, Potentially Exempt Transfers, residential property
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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 …
Posted in Shorter Reads
Tagged Agriculture, APR, Farm buildings, IHT, inheritance tax
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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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Tagged foreign assests, inheritance tax, lifetime giving, UK tax
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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 …
Posted in Shorter Reads
Tagged Bank of mum and dad, First-time buyers, IHT, inheritance tax, property purchase, tax
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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 …
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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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