Category: Personal Tax

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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National Insurance payments increase threat

The rise in income tax threshold for higher rate tax payers was seen as a good thing in the recent Budget. But as the devils start to crawl out of the detail it emerges that the rise is less than beneficial, according to detailed study of, Budget papers by mutual insurer Royal London.

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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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