Author: Tax Guide

Call to use life insurance in trust as more than 6.9 million parents give children inheritance early

Over 6.9 million parents have given their children ‘their inheritance’ early, to try to reduce the amount of inheritance tax payable on their estates. This amounts to a total of £227 billion, at an average of £32,920. A further 6.5 million parents have not yet transferred assets to their kids but plan to do so in the future to avoid a hefty inheritance tax bill, according to Direct Line Life Insurance.

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IHT exemptions in line for the chop as Budget nears

Inheritance tax (IHT) gifting rules could be dramatically simplified in the Budget, according to financial advice firm, NFU Mutual. Four separate tax gift exemptions formed part of the original IHT rulebook in 1986, three of which have never been increased and could soon be scrapped and replaced with a single, larger annual exemption.

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Corporate tax rates continue to fall internationally

Countries have used recent tax reforms to lower taxes on businesses and individuals, with a view to boosting investment, consumption and labour market participation, continuing a trend that started a couple of years ago, according to a new report from the Organisation for Economic Co-operation and Development (OECD).

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Summer working students may be due a tax refund

Students who have worked over the summer need to make sure that they have not overpaid tax and whether they are due a tax refund from HMRC, advises The Low Incomes Tax Reform Group (LITRG), an initiative of the educational charity the Chartered Institute of Taxation (CIOT).

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Campaign to find lost child trust funds

Young people should have responsibility for their Child Trust Fund accounts ahead of their ability to access their funds at 18 and that includes over £1.7 million children who may not even know that they have access to a CT.

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What are self-build and auction finance?

Self-build finance is a bespoke property finance arrangement that provides the much-needed funding to those building their own property. Self-build finance is treated as a regulated mortgage contract as their associated projects tend to be the primary place of residence of the borrower which is defined as a property in which 40% or more is used as a primary place of abode.

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Tax Updates