Estate planning is the process of deciding what should happen to your assets after your death or if you become incapacitated, and taking the steps necessary to ensure your decisions will be carried out. There are 6 key steps: Identify all the assets and liabilities. It is surprisingly easy to overlook items like BPS entitlements, … Continue reading 6 Steps to Estate Planning
Tag: estate planning
The Nil Rate Band (NRB), also known as the Inheritance Tax (IHT) threshold, is the amount up to which an Estate has no IHT to pay. The current allowance available on the Estate of an individual is £325,000; anything above this is taxed at 40%. The NRB applies to property passing on death together with … Continue reading What is the Nil Rate Band?
Most land owners are aware of Agricultural Property Relief (APR) and could be forgiven for thinking that this means there is no risk of their Estate paying Inheritance Tax. Unfortunately there are situations where farmland does not qualify for 100% APR. There have been cases where the HM Revenue & Customs have successfully challenged claims … Continue reading Estate Planning and Farmland
Most land owners are aware of Agricultural Property Relief (APR) and could be forgiven for thinking that this means there is no risk of their Estate paying Inheritance Tax. Unfortunately there have been cases where the HM Revenue & Customs have successfully challenged claims for APR and the rules are complicated. This is particularly true … Continue reading Estate Planning and Farmhouses
Coverage of our Renewable Energy Seminar held in conjunction with NatWest features in the South Wales Argus:
