The generation game
Article Abstract:
Changes could be made to United Kingdom inheritance tax (IHT) which offers considerable scope for avoidance through lifetime gifts, including potentially exempt transfers (PETs). PETs have to be made without the donor reserving some benefit, though insurance companies have developed products allowing assets to be donated while retaining some benefits. Trusts for grandchildren and children can help reduced tax bills by using the allowance of both a husband and wife. Estate planning should be carried out prior to Mar 17 1998 when changes could be introduced.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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Check your tax on presents and profits
Article Abstract:
UK capital gains tax is paid when assets are sold and there is an indexation allowance to offset the impact of inflation on increases in value. This involves complex calculations in order to work out the tax owed. Losses can be offset against gains and indexation also applies to losses. Taxpayers have to submit calculations to the tax authorities under the new UK self-assessment scheme. The sale of unquoted securities and land may present particular problems when calculating gains and losses.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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Make a gift...but not to the taxman
Article Abstract:
UK inheritance tax liability can be reduced by careful tax planning. The tax falls on gifts made during seven years before the donor dies. There are exemptions for gifts which come from income and for gifts of an annual value of less than 3,000 pounds sterling. Gifts made more than seven years before death are also exempt. Trusts can be used to make gifts for younger people without experience of managing money.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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