New figures from Aviva reveal why Inheritance Tax (IHT) is one of the most important sources of revenues for the UK taxman. There are currently £2.5 trillion in assets earmarked by parents as inheritances for their children and relatives, the insurer announced this week. This staggering sum is held by two-thirds of over-55s covered by [...]
Posts Tagged ‘Inheritance Tax’
Taxman looks forward to Inheritance Tax on £2.15 trillion
Wednesday, December 9th, 2009Waking the dead: Penalties for late Inheritance Tax
Monday, August 17th, 2009HM Revenue and Customs has announced an increase to 3% of the interest charge on all late payments of Inheritance Tax, effective from September 2009.
Pension income: The shrinking balloon
Tuesday, August 11th, 2009As people aspire to retire earlier, and yet more healthy lifestyles mean that we are living longer, our retirement needs are undergoing an evolution so radical that some would term it a ‘revolution’.
Life insurance in trust: Taking control of your life insurance
Tuesday, August 11th, 2009One super-efficient tool for ensuring a smooth transfer of life insurance monies to your family is to set up your life insurance in trust.
Passing on your wealth: Tips for inheritance planning
Tuesday, July 14th, 2009The transfer of wealth to your children – better known as inheritance planning -Â is a complex area of personal finance that must be well planned in order to work efficiently. The central factor to consider in inheritance planning is taxation, and in particular Inheritance Tax, which, if left unheeded, can be applied to parts of [...]
The financial life cycle 4: The frugal fifties
Tuesday, June 9th, 2009In your fifties, your children may be grown. Perhaps your youngest is about to depart to make her own way in the world. You find yourself, your spouse and your cat enjoying a cup of tea alone, in the sudden quiet of an empty house.
This is not a time for sadness. Don’t think of it as losing a daughter – think of it as regaining a bathroom!
The financial life cycle 5: The settled sixties
Tuesday, June 9th, 2009The largest hill on the horizon as you enter your sixties is, of course, your retirement. In your financial life cycle, the main task is to turn your pension savings into an income, as your working life comes to an end.
The most popular way of doing this is by purchasing a pension annuity with your pension savings. This pays out a guaranteed income for the rest of your life, and can be a fixed sum, or can be set to increase each year, in order to account for inflation.
Get back last year's tax with an EIS
Wednesday, June 3rd, 2009Would you like to claw back some of those hefty taxes you gave to the government last year? You may be attracted by an Enterprise Investment Scheme (EIS), which is a government approved scheme providing a range of tax benefits to investors. With an EIS, you can recover tax equal to 20% of your investment, provided you [...]
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