http://www.wilson-nesbitt.com/articles/ Wilson Nesbitt Solicitors - Tax News RSS feed en-gb email@wilson-nesbitt.co.uk info@flamegreen.com 30 http://www.wilson-nesbitt.com/articles/856/14072008/new_inheritance_tax_bill_to_be_introduced.html Lord Lester of Herne Hill is to introduce an inheritance tax bill intended to protect the rights of those who live together but who are not married or in civil partnerships.The politician has announced that the private bill will be brought before parliament in the autumn.He has been involved in... Mon, 14 Jul 2008 13:51:00 BST http://www.wilson-nesbitt.com/articles/852/09072008/labour_mp_blames_lack_of_support_for_failure_of_inheritance_tax_amendment.html A Labour MP's proposal that siblings should be entitled to the same inheritance tax break as a married couple has been discarded.The Guardian reports that Frank Field's suggested amendment to the finance bill, which would have meant relatives who have resided together for more than ten... Wed, 9 Jul 2008 13:00:00 BST http://www.wilson-nesbitt.com/articles/848/04072008/law_commission_to_consider_taxpayers_rights.html The Law Commission is running a consultation to find out whether there is a need for people to be able to take more action against government agencies such as HM Revenue & Customs (HMRC) when they are wronged.Such redress could be organised through solicitors and might include factors... Fri, 4 Jul 2008 13:40:00 BST http://www.wilson-nesbitt.com/articles/842/30062008/moves_to_change_sibling_inheritance_rules.html Cohabiting siblings in Northern Ireland may soon receive the same rights as married and civil partnership couples regarding inheritance tax.An amendment has been proposed to the finance bill by Labour MP and former minister Frank Field.Under the plans, siblings who had lived together for ten... Mon, 30 Jun 2008 18:45:00 BST http://www.wilson-nesbitt.com/articles/797/03062008/trusts_a_great_opportunity_for_lessening_inheritance_tax.html Well-planned trusts can prove a "very effective way" to reduce inheritance tax liabilities and ensure that as much of your wealth as possible is passed onto the next generation, according to expert Karen Dent.In an article for the Journal, Ms Dent has described trusts and... Tue, 3 Jun 2008 18:03:00 BST http://www.wilson-nesbitt.com/articles/787/28052008/wills_need_to_be_regularly_reviewed.html Wills and trusts need to be regularly reviewed as the inheritance people are able to leave changes, according to the Law Society.The society claims that solicitors need to be consulted on the contents of wills regularly, particularly around a period of transition, for example when someone has to... Wed, 28 May 2008 13:57:00 BST http://www.wilson-nesbitt.com/articles/783/27052008/families_of_injured_soldiers_could_be_iht_exempt.html The families of soldiers and other armed personnel injured in the line of duty are being advised to keep copies of their medical records as they could be exempt from inheritance tax (IHT) in the future.According to solicitors, the beneficiaries of people in their 80s or older who died as a... Tue, 27 May 2008 13:44:00 BST http://www.wilson-nesbitt.com/articles/764/14052008/care_home_financial_advice_essential.html Taking financial advice about retirement and care home provision is "essential", Saga has claimed.The magazine, insurance and holidays provider for the over-50s, has welcomed Gordon Brown's review on social care issues but claims that people in this age group still need to... Wed, 14 May 2008 13:30:00 BST http://www.wilson-nesbitt.com/articles/760/13052008/having_a_will_ensures_money_passes_to_correct_inheritors.html Making a will is essential for those who want to influence what happens to their estate after they die, a financial expert has advised.David Kuo, head of finance at Fool.co.uk, said that there are a number of misunderstandings concerning estate planning and added that, contrary to popular belief,... Tue, 13 May 2008 13:56:00 BST http://www.wilson-nesbitt.com/articles/753/08052008/inheritances_twice_1997_level.html More people are liable to inheritance tax (IHT) bills as the average value of an inherited estate has risen to more than twice its 1997 level, according to a new study.The International Longevity Centre (ILC) has found that the average worth of an inherited estate has risen from its 1997 level of... Thu, 8 May 2008 13:54:00 BST http://www.wilson-nesbitt.com/articles/750/07052008/iht_problems_for_unmarried_couples.html Co-habiting couples who are not married or in civil partnerships are not entitled to the same inheritance tax (IHT) benefits as those who are, a firm of independent financial advisors has warned.Alex Pegley, director of Calculis, said that there is no such thing as a 'common law... Wed, 7 May 2008 13:33:00 BST http://www.wilson-nesbitt.com/articles/725/24042008/more_inheritance_tax_bills_being_reduced_by_giving_money_away.html The number of people giving away money before they die in order to reduce the inheritance tax (IHT) bill liable on their death is on the increase, according to Forum Wealth.Research by the independent financial advisory group discovered that more people are also trying to reduce the confusion... Thu, 24 Apr 2008 13:29:00 BST http://www.wilson-nesbitt.com/articles/674/25032008/tax_advice_could_save_%C2%A393_billion_in_uk.html Solicitors in Northern Ireland could help save consumers thousands of pounds each on unnecessary inheritance tax (IHT), according to new research.Unbiased.co.uk has found that the UK's "tax waste mountain" will increase to £9.3 billion in 2008.That is a rise of... Tue, 25 Mar 2008 16:29:00 GMT http://www.wilson-nesbitt.com/articles/613/18022008/iht_generous_to_small_businesses.html Solicitors in Belfast and Northern Ireland are often asked to write up wills for small business owners indicating that the family firm will be left to another member.As solicitors will know, currently Inheritance Tax laws (IHT) covering Belfast and Northern Ireland mean that small businesses can... Mon, 18 Feb 2008 12:45:00 GMT http://www.wilson-nesbitt.com/articles/606/08022008/ctfs_worth_%C2%A324bn_in_future.html The first group of children in Britain and Northern Ireland who have been eligible to set up a child trust fund (CTF) through a solicitor are looking at reaping around £2.4 billion in today's money when they reach 18, Children's Mutual estimates.This money includes the... Fri, 8 Feb 2008 12:00:00 GMT http://www.wilson-nesbitt.com/articles/552/09012008/iht_planning_should_start_early.html Inheritance Tax (IHT) need not be a burden and though it is advisable to start planning early, it is never too late to begin, financial advisers have said.For homeowners in Belfast and Northern Ireland, sitting down with a solicitor to plan how to deal with IHT should be done as early as... Wed, 9 Jan 2008 12:00:00 GMT http://www.wilson-nesbitt.com/articles/294/30072007/accountants_face_greater_regulation.html Accountancy services in Britain and Northern Ireland will face greater regulation from December 15th 2007.Companies offering accountancy, tax, audit and insolvency services will be forced to undergo monitoring for compliance by an independent professional body or by HM Revenue & Customs,... Mon, 30 Jul 2007 09:15:00 BST http://www.wilson-nesbitt.com/articles/166/30052007/hmrc_frustrated_by_ctf_take-up.html After one in five parents failed to invest their Child Trust Fund (CTF) vouchers, HM Revenue and Customs (HMRC) has invested the money on parents' behalf.Yet the downside is that the HMRC only makes this decision after 12 months, meaning that the funds are losing about £7.5 million... Wed, 30 May 2007 12:30:00 BST http://www.wilson-nesbitt.com/articles/89/19042007/expert_says_nil-band_rate_case_proves_zero.html After a nil-band rate trust was ruled invalid by tax commissioners, many had feared that this method of cutting inheritance tax (IHT) would not work, but a leading expert has dismissed this as a fallacy. Julie Hutchison, estate planning specialist at Standard Life Assurance, says that the... Thu, 19 Apr 2007 14:30:00 BST http://www.wilson-nesbitt.com/articles/69/02042007/beat_the_death_duty_through_giving.html On April 6th the new inheritance tax (IHT) nil band rate will jump to £300,000, meaning that now may be the time for some shrewd gifting.As the new rate comes in, and savings and shares add to value, people in Northern Ireland and Britain will increasingly look to solicitors to make the... Mon, 2 Apr 2007 13:30:00 BST http://www.wilson-nesbitt.com/articles/55/23032007/make_the_most_of_your_nil_rate_band.html With the Budget announcement that the inheritance tax (IHT) threshold will be raised progressively until it reaches £350,000 in 2010, homeowners across Britain and Northern Ireland should be updating their wills accordingly.The exemption zone is still low compared to housing values, but... Fri, 23 Mar 2007 17:45:00 GMT