Inheritance tax (IHT) was introduced by the Finance Act 1986 to replace capital transfer tax and applies for transfers made on or after 18 March 1986.
There is a common misconception that trusts are only used by the wealthy. However, they are accessible to all and can be a useful tool as part of a wider inheritance tax planning strategy. There are various reasons why a trust may be set up; some can be written into your Will and others can be set up independently. Here we explain what trusts are, what they do and the different types of trust available.
Given how important financial skills are in navigating life, it is a surprise that children are not taught about money in school. As a parent, there are a few simple things you can do to help give your children a head start when it comes to approaching finances.
Lenders are introducing new rules that mean first-time home buyers cannot rely on the “Bank of Mum and Dad” stumping up most of the cash for their deposit.
With younger generations set to be hardest hit financially by the crisis, many parents and grandparents are reassessing ways of passing down their wealth sooner rather than later.
We have all hired professionals to help us with various aspects of our lives – lawyers, plumbers, personal trainers – and willingly pay for the privilege. It is therefore surprising that so many of us baulk at the prospect of paying for advice on something as important as securing our financial future.
We all want to live a long and fulfilled life, and that includes being able to enjoy our retirement years to the full. However, as we all begin to live longer, concerns have been raised over the Government’s ability to fund the futures of our ageing population.