Nicola Goldsmith TEP CTA

Proud sponsor of the STEP - Tax, Trusts and Estates Conference 👉🏽 6th November | Leeds | https://lnkd.in/ey_8DcPc This year’s conference will feature sessions on issues for trusts and personal representatives; family investment companies, electronic wills, testamentary capacity and relationship difficulties for the next generation. STEP – Advising Families Across Generations

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There are a number of types of trusts that can be created by will, and all have different inheritance Tax (IHT) implications that need to be considered. This article provides a brief overview of how IHT is charged on different types of will trusts, including qualifying interest in possession trusts, relevant property trusts, bereaved minor’s trusts, bereaved young persons trusts, bare trusts and charitable trusts.

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Tax update: Inheritance Tax (“IHT”) reforms to be introduced from 6 April 2025 Natasha Southam, Senior Associate in the Private Client team, discusses the Inheritance Tax Reforms that are to be introduced from 6 April 2025 in her latest article. Read more below: https://lnkd.in/e2Q4FsN8

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New article alert 🔔 Non-Dom Reforms: Changes to Inheritance Tax 📆 The latest Budget introduces significant changes that will reshape inheritance tax (IHT) rules for non-doms starting April 6, 2025. In Part 2 of our series, we break down the details and implications of these changes for individuals and trusts. Key highlights include: A new residency-based test will apply to determine the scope of IHT on most non-UK assets, with new rules being implemented for lifetime transfers, spouse exemptions and gifts with reservation of benefit, amongst others. The scope of IHT on offshore settlements will now depend on the residence status of the settlor and will only be permanently fixed once the settlor has died. The new rules will provide certainty for UK domiciled individuals who have been living outside of the UK long term but could also bring some unexpected tax charges for any trusts which they have created in the past. These changes are complex and far-reaching, affecting both non-domiciled individuals and UK domiciled individuals living abroad. Transitional arrangements offer some exceptions to the rules but the clock is ticking to take advice before the changes are implemented. Check out my article for the full details 👇 https://lnkd.in/eEjrTWJ9 #InheritanceTax #Budget2024 #NonDomChanges

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**New Blog Post** Inheritance Tax — Update A comprehensive overview of a complex area of tax that needs careful consideration, including whether Inheritance Tax (IHT) is paid on just UK or Worldwide assets, its chargeability, notable reliefs and exempt or potentially exempt transfers. https://lnkd.in/eqGmmwv6 #Tax #Economics #IHT

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Budget Thoughts: The changes to the rates of Capital Gains Tax were expected, but this will clearly be a blow for investors and will make investment less attractive for newcomers. This could also compound the problem of people choosing to invest away from the UK. The amount of estates caught by Inheritance Tax will certainly increase above the current 6% as a result of the inclusion of pensions and freezing of the allowances. As the pension exemption was not very well known to the public it is not surprising that pensions would be a target. But the question remains of how many times one pot of money can be taxed. The changes to APR will have a significant effect on families wanting to pass their farms to the next generation. There will be a big backlash from the farming industry and it’s clearly bad news for food security in the UK. Get in touch if you would like to discuss anything. Mayo Wynne Baxter Ampa - Legal & Professional Services #budget

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🌟 **Navigating Inheritance Tax: A Growing Concern for Families** 🌟 I’ve noticed a significant uptick in conversations around inheritance tax and its potential implications for families. With recent discussions on inheritance tax raids, many of my clients are increasingly considering strategies to manage their wealth before it’s too late. The article *Families Rush to Give Away Fortunes Amid Inheritance Tax Raid Fears” highlights a pressing trend as families are proactively giving away their fortunes to mitigate potential tax burdens. This shift not only reflects a heightened awareness of tax regulations but also a desire to pass on wealth to the next generation more efficiently. In my experience, it’s crucial to strike a balance between effective estate planning and ensuring that beneficiaries are adequately prepared to manage their inheritance. Thoughtful gifting strategies can be beneficial, but they require careful consideration and planning. I encourage you to read the article for valuable insights into how families are navigating this complex landscape. It’s a conversation many of us should be having, especially as we seek to secure our legacies without undue tax implications. 🔗 https://lnkd.in/eWFq2BVm Feel free to reach out if you’d like to discuss your own strategies and options for estate planning! #InheritanceTax #EstatePlanning #TaxAdvisor #WealthManagement #FinancialPlanning

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You may be aware that the government has increased the rate of taxation that will apply to many trusts from 1 April 2024. The proposed changes will impact investment portfolios that are held by trusts or have investments in trusts. As always, the specific impact of these changes will depend on individual circumstances. However, we believe that these changes will, in general, make Portfolio Investment Entities (PIEs) a more attractive investment vehicle from a tax perspective, due to the lower tax rate levied on PIEs. If you have a Trust and need investment planning advice, come and talk to us. #foresightfinancial #planwithforesight #trustadvice

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It's out with the old and in with the new! Part IVA now replaces section 260 of the Income Tax Assessment Act. Introduced, albeit with limitations on scope, Part IVA aims to provide an appropriate balance between combatting tax avoidance without discouraging commercial and familial transactions. Taxation Lawyer Saveen Mathews outlines what taxpayers need to know: https://lnkd.in/gpUT6BUN #taxation #incometax #taxlaw #PartIVA #auslaw #YourFutureComesFirst #ColemanGreig

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**New Blog Post** Residence and Split Year Rules — An Introduction When an individual comes to or leaves the UK part way through a tax year, the period can be split into resident and non-resident periods for the purpose of determining tax liability. https://lnkd.in/eTuatNaV #tax #residency

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Struggling with an overdrawn director’s loan account? Declaring a dividend could be the solution! In our latest article, we break down the impact and mechanics of using dividends to clear director’s loans, covering key tax implications and timing strategies. Head over to our website and read the full article now for expert advice from Morrissey Chartered Accountants: https://lnkd.in/ePR4sdGk #BusinessFinance #TaxStrategy #DirectorsLoan #Dividends #AccountancyTips #TaxPlanning

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The proposed UK tax changes for non-doms will impact family trusts too. Previously, "protected trusts" offered tax benefits. Now settlors may be taxed on all trust income and gains annually. Gavin Shaw discusses how these changes might impact trusts and what trustees can do to ensure they’re properly advised. https://lnkd.in/eR_M9G6Q #nondom #tax #familytrusts #uktax

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Hopefully you saw part 1 🤔🤔 Well here is part 2 👍 Non-Dom Reforms: Changes to Inheritance Tax 📆   The latest Budget introduces significant changes that will reshape inheritance tax (IHT) rules for non-doms starting April 6, 2025. In Part 2 of our series, we break down the details and implications of these changes for individuals and trusts.   Key highlights include:   A new residency-based test will apply to determine the scope of IHT on most non-UK assets, with new rules being implemented for lifetime transfers, spouse exemptions and gifts with reservation of benefit, amongst others.   The scope of IHT on offshore settlements will now depend on the residence status of the settlor and will only be permanently fixed once the settlor has died.   The new rules will provide certainty for UK domiciled individuals who have been living outside of the UK long term but could also bring some unexpected tax charges for any trusts which they have created in the past.   These changes are complex and far-reaching, affecting both non-domiciled individuals and UK domiciled individuals living abroad. Transitional arrangements offer some exceptions to the rules but the clock is ticking to take advice before the changes are implemented.   Check out Sarah's article for the full details 👇   https://lnkd.in/eVya-AZx   #InheritanceTax #Budget2024 #NonDomChanges 

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The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the least possible amount of hissing. – Jean-Baptiste Colbert Click here for complimentary consultation https://syonassociates.com #accountingservices #Taxation #ukconsultant #UKaudit #FOMC #UFC304 #FinancialServices #HMRC #Holly #DeathInParadise #NeverAgain #MondayMotivation #bbclaurak #accountingservices #accountant #accountants #accountabilitymatters #quotes #foryoupageシ #follow4followback #fb #quotesforyou 

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Following on from last week's blog regarding managing debt, today's focus is on tax arrears owed to HMRC and pre-litigation steps to mitigate inslovency action. #insolvency #hmrctaxdebt #timetopay #nexalaw https://lnkd.in/e_nkNvyY

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