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Inheritance Tax could cause issues for Britons as reliance on inheritance soars | Personal Finance | Finance

| UPDATED: 14:03, Tue, Mar 2, 2021
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Inheritance tax is charged on a particular proportion of a person’s estate when they eventually pass away. It is likely to be the responsibility of those left behind to deal with the costs of the levy before they are able to receive an inheritance. But with an inheritance windfall being increasingly relied upon by many, Inheritance Tax and its rumoured changes, could present an issue. ....

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Inheritance Tax: Britons urged to act as people 'easily reduce' IHT by £800m last year | Personal Finance | Finance

Recent insight has shown UK taxpayers were able to save over £800million in Inheritance Tax last year alone, according to research by private equity investment firm, Growthdeck.
These individuals were able to make such a significant saving by investing in unlisted companies, making use of IHT relief.
This action enabled people to protect their wealth while also providing much needed capital to unlisted companies which have suffered financially due to COVID-19.
The firm has said many people are currently unaware of the IHT reliefs which are at their disposal, and could be missing out as a result.
Inheritance Tax: Britons urged to act as people ‘easily reduce’ IHT bill by £800m last year (Image: Getty) ....

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Inheritance Tax UK: Britons fear Rishi Sunak tax raid due to COVID-19 costs | Personal Finance | Finance

| UPDATED: 21:54, Thu, Jan 14, 2021
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Inheritance tax is payable on the estate - the money, property and possessions - of a person who has passed away. It is set at 40 percent above a certain threshold, which usually stands at £325,000. However, as government spending has increased within the last year to fund the fallout of the ongoing COVID-19 crisis, there has been speculation as to whether taxes will rise. ....

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Inheritance Tax UK: Britons feel 'disgusting' tax should be abolished as repayments soar | Personal Finance | Finance

“They may reflect changing asset values or exemptions and tax reliefs being allowed. The increase in the number of repayments could also reflect changes in HMRC administrative processes.”
But IHT can be complex, and it is important for Britons to understand how the tax system works.
Ms Neale added: “Broadly speaking, IHT is designed and administered so that where assets are realised by the executors within a reasonable period of death IHT is charged on the sale price, rather than the value at death.
“This is because for many asset classes, such as property, valuation is an art and not a science and their value is a matter of opinion and negotiation. ....

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Inheritance Tax UK: The 'double whammy' tax and rules which could cost thousands | Personal Finance | Finance

But there are strict rules on continuing to live in a property after it is given away.
Rent must be paid to the new owner at the going rate for similar local rental properties, a person must pay their share of the bills, and must also live in the property for at least seven years, the government has explained.
Many people are unaware of such rules and their loved ones may be in for a nasty shock when it comes to a tax bill later down the line.
Ms Roche acknowledged people’s motivations to take such action are often varied. ....

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