There is a specific relief that relates to certain agricultural property situated in the UK, Channel Islands, Isle of Man and in the EEA (European Economic Area). Qualifying agricultural property can be passed without inheritance tax as a lifetime gift or upon death.
Inheritance tax on property is to be paid if the taxable value of the estate (with any gifts made by the deceased added on if they were made in the seven years prior to their death) exceeds the nil rate band. The rate of inheritance tax on property is currently 40%.
A.I. has been firmly on the agenda in the world of finance. At a recent conference, the Product Editor of Wired magazine was unimpressed with today’s early options like Amazon’s Alexa. But in five years from now, it is expected that this technology will be pervasive and “conversational A.I.” will be the way we help with our finances. Until then, an Independent Financial Adviser (IFA) is still your best bet, and even in the near future, we do not expect to see many people using a robot to make choices about their family’s financial future!
Over a million women in their early 60s are worse off after changes to the state pension age. Read our article in full on why older women are poorer…
Inheritance tax is paid on money, property and assets (known as the “estate”) that is left by an individual when they die. It may also have to be paid on gifts that are made during that person’s lifetime. You do not usually have to pay tax on other chattels you may receive from a deceased person’s estate.
The government is looking to reintroduce its plan to reduce the tax-free dividend allowance from £5,000 to £2,000.