IHT property worries; Ian Cowie's retirement planning tips; and a rate rise 'robbery' - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend …
Why giving your home away won't cut your IHT bill While it is possible to give away a whole property in order to reduce the value of your estate and the amount of inheritance tax, writes The Telegraph, the process is not as tax-efficient as many would think and pitfalls could mean inheritors end up paying more than they intended to save. At death £325,000 of an estate is safe from tax - plus a further £125,000 if a home is being passed onto a direct descendant. Anything above the thresholds will be taxed at 40%. Gift with reservation of benefit rules, for example, are designed to st...
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