Clinton Lee

🌳 FAQ: Navigating Inheritance Tax (IHT) 💷 Understanding Inheritance Tax can be crucial for estate planning. Here’s a quick guide to help you grasp the essentials: 🔹 What is Inheritance Tax (IHT)? Inheritance Tax is a tax on the estate (the property, money, and possessions) of someone who’s passed away. It’s an important consideration for anyone involved in estate planning. 🔹 Who needs to pay IHT? IHT is potentially due when an individual's estate is valued above the nil-rate band, which is currently £325,000. Estates under this threshold do not require IHT payments. 🔹 What are the rates for IHT? The standard IHT rate is 40% on amounts above the threshold. However, if you leave at least 10% of your estate to charity, the rate may be reduced to 36%. 🔹 Are there any allowances or reliefs? Yes, there are several reliefs that can reduce the IHT liability: Spousal Exemption: Assets passed to a spouse or civil partner are exempt from IHT. Residence Nil-Rate Band: An additional allowance when passing your main residence to direct descendants, currently £175,000. Business Relief: Offers relief from IHT on business assets, from 50% to 100%. 🔹 How can I plan to reduce IHT? Effective estate planning can significantly reduce IHT liabilities. Consider: ✅ Gifting assets during your lifetime. ✅ Establishing trusts. ✅ Ensuring you have a will that reflects your wishes. 🔹 When does IHT need to be paid? IHT is typically due within six months from the end of the month in which the death occurred. Payments made after this period may accrue interest. 🔹 How do I pay IHT? IHT can be paid from funds within the estate or from money raised from the sale of the assets. 🤔 Questions or need guidance on estate planning? Connect with us! 🔖 #InheritanceTax #EstatePlanning #UKTax

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𝗣𝗥𝗢𝗣𝗘𝗥𝗧𝗬 𝗟𝗔𝗡𝗗𝗟𝗢𝗥𝗗𝗦 I want to help you with the following: • Property portfolio incorporations • Holding company group structures • Using LLPs for tax planning • Accessing SDLT reliefs (46 as per legislation) • Family Investment Companies and trusts for inheritance tax planning • Non-resident landlords reporting and compliance • Commercial property • SSAS pensions funds and QNUPS All of the above will ultimately save you tax, both now and in the future. The amount of structures I see wrong are disheartening. We can get involved and set things right, providing you a sense of security, maximising your returns and preserving generational wealth. DM or: [email protected] ASWATAX #propertytax

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£700,000 to pay in UK Inheritance Tax - immediately!!! 😱 😮 🚨 🤦‍♂️ . When planning for Inheritance Tax for Property Investment Companies, one angle that is usually looked at is the use of Trusts. Trusts work pretty well but should never be looked at in isolation. What we do is assess your situation and bring multiple strategies and vehicles together. 😉 Moreover, the following points must be kept in mind when looking at trusts: • Although Capital Gains Tax (CGT) can usually be avoided, transfers into a trust exceeding the nil rate band of £325k will give rise to an immediate IHT liability at 20%. I have a client. Our first conversation he began by passionately saying: 'I want to transfer £4m of my assets into trust for my 12 grandchildren so I can support them in their early stages of life!' Me: 'That's really really nice of you.' 😁 (genuine) But me in my head: [fearful] this is already not looking good at all. Quick math telling me £700k in immediate IHT. Therefore, care must be exercised when planning for IHT or any tax planning for that matter. Such events are one-off life events so I don't understand why proper advice is not sought. I've seen so many structures and scenarios and thought - 'if you came to us, we would have set things up sooooo much better and tax-efficient for you. Ultimately, keeping more money in YOUR pocket and accelarating your financial goals whilst preserving wealth for the next gen! Anyways.... back to the topic at hand. • Valuations must be undertaken to ensure we're working with the correct figures.... can potentially be discounted. • Non-tax factors must also be considered such as cost and the administration requirements of a trust. Reach out if you (or your client) requires their estate exceeding £500k to be looked at. I simply just want to use my expertise and help out by saving you tax! 😎 ASWATAX #trusts #inheritancetax #taxplanning

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𝗧𝗮𝘅 𝗔𝗱𝘃𝗶𝘀𝗼𝗿𝘆 𝗳𝗶𝗿𝗺𝘀 𝗵𝗮𝘃𝗲 𝘁𝘂𝗿𝗻𝗲𝗱 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲 𝗪𝗶𝗹𝗱 𝗪𝗲𝘀𝘁 𝗶𝗻 𝗿𝗲𝗰𝗲𝗻𝘁 𝘆𝗲𝗮𝗿𝘀. With unregulated “Cowboy” advisors giving damaging tax advice, many people have suffered at their hands. Luckily, HMRC has endorsed the Professional Conduct in Relation to Taxation (PCRT) code to protect you from unregulated 'cowboy' advisors. Here’s what you need to know. 𝘒𝘦𝘺 𝘗𝘰𝘪𝘯𝘵𝘴: 𝗡𝗼 𝗠𝗼𝗿𝗲 𝗖𝗼𝘄𝗯𝗼𝘆𝘀: Right now, anyone can offer tax advice without being part of a recognised body, leading to inconsistent and potentially dubious standards. 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗺𝗲𝗻𝘁𝘀: The Spring Budget announced changes to ensure tax advisers are members of recognised professional bodies. This will be enforced jointly by the industry and HMRC. 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗳𝗼𝗿 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿𝘀: These changes mean you’ll receive advice from professionals who are committed to lawful, transparent practices and exercise due diligence and sound judgement. 𝘛𝘩𝘦 𝘍𝘶𝘵𝘶𝘳𝘦 𝘰𝘧 𝘛𝘢𝘹 𝘈𝘥𝘷𝘪𝘤𝘦: If these proposals come into effect, they won’t burden compliant agents with extra admin. Instead, they’ll significantly raise professional standards. The PCRT bodies praise the revised standards as the "gold standard" for the industry. Have you encountered any of these “Cowboy” advisors? Tell me about your experience in the comments. #HMRC #PCRT #TaxAdvice

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Inheritance tax planning involves making strategic decisions to minimise the tax liabilities on assets passed down to heirs. Here are some tips for smart inheritance tax planning at https://lnkd.in/dp6HcH9S

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Make tax work for you❗️ Find out more 👉 https://lnkd.in/eHC_nhci If you're a business owner, you need to know how to make your business more tax-efficient.💰 That includes knowing what you can claim as an expense and when you should go incorporate to make use of the tax benefits.👍 We can help you do just that. Get in touch today to speak to our tax experts.😊 Morecambe 👉 01524 566190 Leyland 👉 01772 984 985 - - - #VerveAccountancy #Leyland #Morecambe #TaxTips #BusinessOwners #BusinessSupport

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Client ....................wants no tax. My friend has a company in Gilbratar and does exactly what I do and doesn't pay any Uk tax. He has a place in a sunny European country. Great what do you want me to do. ? Make sure I am the same. Hold on we don't know his circumstances but we know yours. I see this all the time. There are steps you have to take to make this happen and please don't say I can do that. Have you discussed this with your wife are you both prepared for upheaval and all the forms that will follow in both countries. This is life changing and I haven't asked you about registering in the country in which you really work. Let's get real we need a plan before you make what could be the biggest change of your life. #overseas #tax #resident #offshore

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Some superb analysis by the two Toms at Burges Salmon and I totally concur with their thoughts. It really highlights the complexities of Inheritance Tax and why good quality advice with experts who really know what they are doing is going to be vital. Interestingly, none of the farming families I act for fit into the hypothetical standard scenario proposed by the government to be able to make full use of the allowances as they are currently proposed. We can certainly improve their positions with advice, but we are fully aware the cost of decent advice does not come cheap to cash strapped farming families.

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Are you an owner / shareholder of an SME and running your businesses finance function? 💷📈 Ask yourself the question: Could you generate MORE revenue passing on the admin of bookkeeping? 🤔 Are you even doing it correctly? 🤔 Are you opening you and your business up to risk of a HMRC investigation? 🤔 Is it additional stress you don’t need? So what do you do at the point you are running low on time or just fed up? Gravitate Accounting can take the full bookkeeping process off your hands allowing you to put 100% of you’re time into smashing business growth 🙌🏻🔥 #DigitalAccounting #OutsourcedBookkeeping

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Inheritance Tax : a hot topic being discussed everywhere Let's understand what inheritance tax is - Well, inheritance tax or estate tax is a tax levied on the total value of money and property of a deceased person before it is distributed to their legal heirs. The purpose is to generate revenue for the government and to redistribute the wealth. Sam Pitroda, Indian Overseas congress chairman has recently had a debate on 'Inheritance Tax' for fair distribution of wealth. He said, " That's an interesting law. It says you in your generation, made wealth and you are leaving now, you must leave your wealth for the public, not all of it, half of it, which to me sounds fair ". " Inheritance tax in Japan = 55% South Korea = 50% United States= 40% " he said. Inheritance tax was introduced in 1953 under The Estate Duty Act. Taxed 85% on properties whose value exceeded ₹20 lakh and 7.5% tax on property whose value exceeded ₹1 lakh. In 1985, Finance Minister, VP Singh abolished this tax policy because it neither brought down the inequality in society nor did it contribute significantly. Currently there is no inheritance tax in India. As per Section 56(2)(x) of Income Tax Act, 1961, any money or property received under a will or by way of inheritance is not taxable. Some argued that implementing inheritance tax in India may not be justified, citing its potential impact on family business and concerns about double taxation. What's your opinion on such tax imposition?

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Have 10,000 people really chosen to ‘follow’ an accountant from Sheffield ??? (This is the last post on hitting 10k followers😜) The answer is NO What lots of people don’t understand is you need to build up your target market on LinkedIn- how do you do that? By Connecting with people! If they accept they become one of your followers ✅ Here’s what I do- I want to work with Managing Directors / Entrepreneurs / founders in Sheffield I do the same when recruiting and search for accountants / portfolio managers / senior accountants ↪️Search one of the job titles ↪️Select 2nd connection- from my perspective I am connected with lots of like minded people so this is the best way to connect with their connections ↪️select a location if that is important to your business Start connecting!

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Navigate inheritance tax complexities like a pro with our effective strategies. Unlock the secrets to smart inheritance tax planning with our professional strategies. Learn more at https://lnkd.in/dPSgmXr6 #inheritancetax #inheritancetaxplanning

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