A number of exemptions apply when distributing all or part of an estate, meaning there may be little or no inheritance tax to pay. These include:
Gifts with a value of £3,000 per year (the annual exemption), Gifts to spouses, during lifetime and after death (the inheritance tax spouse exemption), Primary, permanent residences of up to £1m in value (from 2017); Assets belonging to someone who dies in armed forces, humanitarian or emergency service, Business assets (inheritance tax business relief), Agricultural property (agricultural relief), Woodland timber (woodland relief) and Assets with heritage / cultural interest may be exempt
Behind these reliefs and exemptions are detailed rules and clauses that require thorough analysis in the context of other decisions being taken about a ‘person’s estate’.
There are also many specific investments that utilise these exemptions, including:
Venture Capital Trusts, Enterprise Investment Schemes, Seed Enterprise Investment Schemes and Inheritance Tax Investment Schemes
Lycetts assesses the value of exemptions for this wider context and on a case by case basis, to arrive at the most appropriate option for each individual client.
Wondering if you can benefit from inheritance tax relief and exemptions? Get in touch today to discuss your requirements with one of our professional advisers.
Lycetts advises on the suitability of various alternative tax-efficient investments...read more
Investment bonds are subject to a number of different taxation rules, compared to other...read more
Individual savings accounts (ISAs) are tax-free savings accounts, with expert advice ...read more
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Read more about developments both in insurance and at Lycetts.
July 21, 2017
Insurers are reacting to the number of claims due to fire which have devastated both bale stacks and the barns in which they are kept. As a result the terms of many fire insurance policies have changed with a greater onus on farmers to take steps to reduce the risk of fire. Failure to do this may result in an invalid claim.read more
July 9, 2017
Lycetts is the headline sponsor for the 2017 Festival of Hunting for the second year running as part of our ongoing partnership with the East of England Agricultural Society who organise this prestigious event in the hunting calendar.read more