Inheritance tax still an issue, warns AXA Wealth International
www.moneynews.co.uk > General finance > Inheritance tax still an issue, warns AXA Wealth International
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Inheritance tax still an issue, warns AXA Wealth International
Mon 9th Nov 2009
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Following the implementation of the Finance Act 2008, married couples and civil partners could benefit from an allowance of £600,000 on inheritance immediately, an amount which will rise to £700,000 by 2010-11, as well as the entitlement of full spouse belief.
However, this transferable nil-rate does not apply to unmarried couples, even if they have children, or family members who live in the same property.
Kevin Dean, CEO at Axa Wealth International, urges people to plan for inheritance tax, particularly when considering the amount of paperwork that needs to be completed after the loss of a loved one.
In addition, the 'gift of income' exception can be used as a way of escaping the tax by giving regular gifts of money to a partner or spouse, on the account it does not reduce the donor's standard of living.
"HM Revenues & Customs has become very tuned in to this exemption in recent years and has been asking for significant proof before granting the exemption, proof which was not necessarily requested in the past," said Mr Dean.
Click here for more general finance news
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Related News : AXA |
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