UK Homeowners and Inheritance Tax changes

UK Homeowners and Inheritance Tax changes

UK Homeowners and Inheritance Tax changes

by | Uncategorised

The 2015 UK budget announcement saw the Tory government keep their election promise and increase the UK inheritance tax threshold. This is the first increase since 2009 will be introduced in 2017-2018 rising from £325,000 to £500,000 per person.

The introduction of this ‘family home allowance’ means that from April 2020 married couples, or civil partners, will be able to pass on assets up to £1m free of inheritance tax. The allowance will be worth an additional £100,000 when it is introduced in 2017-2018 rising by £25,000 per year until 2020 when it reaches the promised £500,000 in 2020.

When announcing the increase in the thresholds, George Osborne stated that the desire to pass something on to your children is ‘about the most basic, human and natural aspiration there is’.   But will this staggered increase match the increase in UK house values and allow parents to gift their children the family home they have worked so hard to own?

By working with specialists in will writing and tax, you can ensure that the will you create will pass as much of your legacy as possible to where you want it to go, whilst meeting your tax obligations.

Disclaimer: Wills Worldwide is not licensed or qualified to give tax advice. This article is intended for information only and does not constitute tax advice. If you are in any doubt about your tax status please contact a qualified professional.

An Introduction to International Estate Planning product image

An Introduction to International Estate Planning

$15.99 $8.99

Testimonials

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a...

Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid...

Moray Iles, Vietnam

2018-06-05T08:42:23+00:00

Moray Iles, Vietnam

"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid putting pressure or hassle to complete the Will quickly which allowed us to consider everything in our own time. Best of all, Cindy's professional support and thorough and clear explanation of the laws pertaining to our situation were very helpful. We would look forward to working with Cindy again on documents personal to our family."
"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK...

Jenny Pearson, Consultant, Cambodia

2018-06-05T07:59:04+00:00

Jenny Pearson, Consultant, Cambodia

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK tax specialist) to keep my English and Cambodian assets completely separate. Cindy was able to work through all of that with me and I am confident that I now have everything properly covered."
"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and...

Jayne Hilton, Engineer, UK

2018-06-05T08:30:28+00:00

Jayne Hilton, Engineer, UK

"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and was always on hand to offer guidance and support. All in all an excellent service."
Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

Please check your email to confirm your subscription.

Pin It on Pinterest

Shares
Share This