To be eligible for inheritance tax, a single person needs to leave behind £325,000, for married couples or civil partnerships the threshold is £650,000. If you are passing on your home, you receive an extra £100,000 individual allowance, bringing the limits to £425,000 and £850,000 be

Around 60% of the UK adult population haven’t put their final wishes into writing according to a recent survey by Unbiased.co.uk. Most of us are aware that it is something we should do, however, the majority of us let the year pass without taking any action. This could be because we d

Did you know that according to figures from HMRC in 2014/15 there were 5,600 estates in the South East which were required to pay Inheritance Tax? The value of the Inheritance Tax payable by these estates totalled a massive £1032 million. However, the Government did review Inheritance

As we come to the end of another year and you have some time to sit and contemplate, now is a good time to think about your tax planning and perhaps arrange an appointment for January to get this in place. Here are some important questions to consider in your tax planning: Do you have

Are you concerned about your estate having a high Inheritance Tax bill after you die? There’s a reason why it’s known in the industry as the ‘voluntary tax’; there’s many different ways you can reduce your threshold without being unlawful and save some mo

  First things first: Happy New Year from Flackwoods Solicitors! We hope you had a wonderful festive break and are settling into 2016 well. Now that we are well and truly into the new year, we’ve no doubt that many of you are looking at resolutions for the year ahead. One of the

Earlier this year, changes to inheritance tax were announced in the 2015 Budget that, in theory, could leave thousands of UK residents’ estate better off. The budget changes meant that a new ‘main residence nil rate band’ could be added to the inheritance tax ‘