Mind At Rest Wills
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New Family Home Allowance (IHT) 2015
In this years summer budget Chancellor George Osborne announced that in addition to the current inheritance tax (IHT) nil rate band threshold (NRB) of £325,000 per person.

A new “family home allowance” known as an additional Nil Rate Band (ANRB) is set to be introduced from April 6, 2017.

Currently, the inheritance tax (IHT) nil rate band is £325,00 this amount will be frozen until April 2021.

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Death and Taxes

With the General Election just around the corner and the various parties election campaigns now in full swing, one of the topics that keep cropping up is that of Inheritance Tax and proposed changes to it.

Currently, Inheritance Tax is charged on a persons estate at the rate of 40% on anything above the personal exemption threshold of £325,000.

For married couples, it’s also possible on the death of the second spouse for Executors to apply to transfer over any unused relief from the first spouses’ estate meaning a maximum possible exemption of £650,000.

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Back in June last year we published an article about the HMRC planned changes to IHT taxation of trusts.

The original consultation paper on this subject was published by the Treasury in 2013 and planned to put legislation in force to deter inheritance tax (IHT) mitigation through the use of multiple Pilot Trusts.

Prior to the new legislation coming into force an individual could set up two or more Nil rate band (NRB) discretionary trusts on different dates with a small amount of capital, often referred to as trust de minimis.

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Wills FAQ Book

An Asset Protection Trust is a form of Life Interest Trust or Discretionary Trust that is created by the Settlor (the person gifting the asset into trust) during their lifetime.

Asset Protection Trusts are commonly used as an effective means of Estate Planning and provide bloodline planning for future generations.

These trusts allow the Settlor to transfer assets into trust immediately during their lifetime instead of the assets being distributed upon death.

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UPDATE 13/08/2015 Further amendments have been made to the HMRC consultation that this article covers, an update can be found Here.Inheritance Tax Image

The latest HMRC Inheritance Tax Consultation Paper entitled A fairer way of calculating trust charges indicates that Changes to the IHT taxation of trusts will apply from the 6th of June 2014.

New rules proposed by HM Revenue and Customs will mean that an individual placing assets into multiple trusts will have to decide how they split their £325,000 Inheritance Tax allowance between the trusts.

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In the UK Inheritance Tax (IHT) may become payable when someone dies leaving an estate worth over £325,000. The amount of tax payable is 40% of the proportion of the estate that is over the £325,000 IHT limit.

HMRC have however legislated to make it possible for you to reduce the amount of tax payable if you leave 10% of your estate to charity. The purpose of this blog post is to outline how it works.

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Insurance Policy Providers

Placing a Life Policy In Trust

When you take out a Life Policy the provider that you choose should give you the option to put your life Insurance or Assurance policy in trust.

Choosing to put your Life Policy in trust is one way to make sure that your the proceeds of your policy reaches your loved ones quickly when you die. Avoiding potentially unwanted delays during an emotional time for your loved ones.

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On the 31st of May 2013, the HMRC published a consultation document called “Simplifying Charges on Trusts – the next stage”

The purpose of this consultation document was to make proposals for changes that simplify the way in which Inheritance Tax (IHT) Trust charges are calculated.

The HMRC believe that making changes to the way (IHT) Trust charges are calculated would remove a number of the practical difficulties involved in arriving at the amount of tax due. Whilst at the same time keeping the trust charges regime relatively intact.

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 Wills & FAQ Book

Confused About Will Writing and Estate Planning Terminology?

In order to help you through the maze of Will Writing and Estate Planning technical Terms. Mind At Rest Wills have put together an A to Z glossary of the most common legal terms used in writing your Wills and Trusts, we hope you find it useful.

Administrator

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