The guidance from HMRC confirms that each person can make as many ‘small gifts’ at Christmas as they like. HMRC defines small gifts as those where the value is £250 or less per person.
There is definitely speculation about potential changes to IHT. We have not seen major change since 2017. But what could happen now?
If you visit us at Giles Wilson looking for advice about potential inheritance tax (IHT) we will balance the options between the good advice to spend your money on yourself now whilst you are fit and well (after all you earned it) and ‘you can’t take it with you’, against the reality that many people do want to help their own beneficiaries as much as they can.
There is a rapid growth of wealth amongst young people in Britain, meaning that the number of estates that will be hit with an IHT bill is set to rise. This is if the current government doesn’t decide to scrap the scheme altogether.
Executors often attempt to calculate Inheritance Tax, or bravely face HMRC’s mammoth IHT400 return for Inheritance Tax without professional advice, only to find themselves in a muddle.
On 26 July 2023, there were some changes to the intestacy rules in England and Wales. These changes will affect everyone who dies intestate (without a valid Will) after 26 July 2023.
Facing serious illness, and a potentially shortened life expectancy, can bring your priorities into focus. For many, providing for loved ones is high on that priority list, as is mitigating the amount of inheritance tax payable when passing on your assets to those you care about. But, without the luxury of time, tax planning opportunities are more limited.
Inheritance Tax (IHT) is due by the end of the sixth month after someone dies. Allowing for time to grieve and thereafter the thankless task of collecting essential information from banks, valuations and details of debts, this deadline can creep up on you.
The expertise of our solicitors is regularly recognised by some of the profession’s most distinguished organisations. As well as being a member of a number of Law Society schemes, we have won awards at the Law Society Excellence Awards, the Halsbury Legal Awards and the Modern Law Awards.
We have also received recognition in the form of the Lexcel mark of quality, a Legal 500 listing and a place on the shortlist of The Lawyer’s Boutique Firm of the Year.
Our accolades
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If you have complained to your solicitor about poor service and you are not satisfied with their response, you can contact the Legal Ombudsman who deal with poor service, such as:
