Inheritance Tax | Mayo Wynne Baxter
0800 84 94 101
Text size: Abc Abc Abc

Some Things in Life are Guaranteed to be Satisfying

Some things in life are guaranteed to be satisfying, like having some down-time after a hard week, taking off high heels at the end of the day, getting into a freshly made bed and receiving good service. ‘Client satisfaction’ is a term frequently used as a measure of how products and services supplied by a… Read the rest of this post (No Comments)

So – is there really now a £1 million threshold for inheritance tax?

In his recent (and first Conservative) budget, the Chancellor George Osborne introduced a new plan to increase the threshold for inheritance tax which, when fully implemented, will mean that in some cases a couple will be able to leave estate of up to £1million to their heirs without paying inheritance tax, as opposed to the… Read the rest of this post (No Comments)

Important Changes to the Rules of Intestacy

The rules governing the distribution of someone’s estate where there is no Will have been unchanged for almost 90 years. Family structures, have however, changed significantly and in the last few years it bas become increasingly obvious that the structure needed an overhaul. The Intestacy and Trustees’ Powers Act 2013 aims to simplify this distribution…. Read the rest of this post (No Comments)

Happy Birthday, Harry!

I would imagine not many of my loyal readers received a lump sum of £10 million or more on their thirtieth birthday, as Prince Harry will do when he hits the big 3-0 on 15 September 2014. But then, your mother wasn’t Diana, Princess of Wales, who died on 31 August 1997 aged only 36… Read the rest of this post (No Comments)

Inheritance Tax changes penalise business owners

I need to get out more.  I know this because I am one of the select band of individuals who scans the Chancellor’s Budget, not to see how much more I will have to pay for fuel and beer, but in search of changes on Inheritance Tax. Inheritance Tax legislation was quiet for a few… Read the rest of this post (No Comments)

Inheritance Tax and the Non Dom

A couple of years ago, the phrase “Non Dom” was in all of the financial papers.  This refers to individuals who are resident in the UK, but domiciled elsewhere.  Domicile is hard to define, but loosely correlates with the idea of “home”. There are certain tax advantages to being non-domiciled in the UK.  But there is… Read the rest of this post (No Comments)

Giving to Charity

The autumn statement from the Chancellor confirmed that the inheritance tax threshold will remain at £325,000 until April 2015, when it will increase by an extremely modest amount to £329,000. The rate of tax is 40% but this can be reduced to 36% if you make a Will and leave at least 10% of your… Read the rest of this post (No Comments)

HMRC crack down on Inheritance Tax fraudsters

Benjamin Franklin gave us the famous quote about nothing being more certain than death and taxes.  Roy Jenkins gave us a reply in 1986 when he said “Inheritance Tax is, broadly speaking, a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.” A question we are often asked… Read the rest of this post (No Comments)

Not so bootiful…

Bernard Matthews, famed Norfolk turkey farmer, died in 2010 aged 80 with what turned out to be some complicated family arrangements. He had an adopted son, Jason, and two adopted daughters, Kathleen and Victoria, who were left nothing under his Will, the bulk of his millions going to his son George, born from an affair… Read the rest of this post (No Comments)

What About A Trust?

Sometimes I am asked whether a trust will save inheritance tax. The answer is that it may, but not necessarily, and in certain circumstances tax can be payable immediately when a trust is created. A trust is where a person gives away a sum of money, or property, to two or more people who act… Read the rest of this post (No Comments)