Inheritance Tax

Will writing Services during the Coronavirus crisis

Will writing Services during the Coronavirus crisis

We understand that now more than ever we are all reflecting on our families and the things that are most important to us. The current situation has given us all... Read more

Wilson Nesbitt taking part in Make a Will Month charity campaign

We are delighted to participate in the Northern Ireland Hospice's 'Make a Will' campaign again this year. Anyone wishing to take part in the campaign can contact one of our will... Read more

Writing a Will - Good intentions and resolutions for 2020

By Lenore Rice The first few weeks of January are the golden period of good intentions and resolutions to make improvements across a number of areas in our lives. Gym membership... Read more

Write a Will in November and our fee goes to charity

Wilson Nesbitt is once again taking part in the Will Aid scheme in November, where you can write a Will and make a donation to charity instead of paying our... Read more

Farming Estate Planning - replacing promises with written agreements

By Lenore Rice Approximately 70 per cent of adults in Northern Ireland do not have a Will, with many trusting that the rules of intestacy will result in their assets eventually... Read more

Chancellor hints at Inheritance tax reform

By Lenore Rice Chancellor Sajid Javid has sparked speculation that inheritance tax could be scrapped or otherwise reformed by saying there was "a real issue" around inheritance tax and that it... Read more

Why writing a Will should be on your holiday preparation list

By Lenore Rice Going on holiday is one of the best examples of a time when you can have increased peace of mind knowing that you have a professionally written valid... Read more

Safeguarding your Will against challenge

By Lenore Rice According to a recent survey conducted by a prominent life insurance company, 24% of residents in the UK would be prepared to contest the Will of a loved... Read more

High Court rules to allow trust to treat illegitimate child as beneficiary

By Lenore Rice The trustees of a discretionary settlement worth £80m have received permission from the High Court to treat one of the settlor’s descendants as a beneficiary, despite being born... Read more

Wills Legal Guide - Part 4

By Lenore Rice At Wilson Nesbitt we wholly understand that writing a Will is a difficult thing to even think about, as we are very aware that nobody really wants to... Read more

Inheritance dispute relies on Court to decide order elderly couple passed away

By Lenore Rice The estate of an elderly couple who were both discovered having passed away in their homes is being disputed by their stepdaughters. The dispute, currently being heard in... Read more

Wills Legal Guide - Part 3

By Lenore Rice In the second part of our Wills Legal Guide, we looked at the initial steps involved in writing a Will, such as listing your beneficiaries and estimating the... Read more

Advice on Contesting a Will

By Lenore Rice How to contest a Will We are largely able to pass on our estate in a Will as we please, but there are circumstances where certain people will have... Read more

Wills Legal Guide - Part 2

By Lenore Rice In the first section of our Wills Legal Guide, we explored the various reasons for writing a Will, including what happens to your assets and to your beneficiaries... Read more

The Myth of Cohabitation and How it Affects Wills

By Lenore Rice One of the reasons that people so often put off writing a Will is that they assume that their assets will pass to their ‘common law’ partner. This... Read more

How a Will protects your beneficiaries

By Lenore Rice Why write a Will? Sometimes one of the reasons that people don’t have a formal Will is that they believe that the matter of inheritance will simply work itself... Read more

Are you considering thinking about maybe writing a Will?

By Lenore Rice   Writing a Will can give peace of mind to you and those closest to you if unthinkable should happen. While no one wants to prepare for death or future... Read more

Survey reveals unrealistic inheritance expectations of millennials

By Lenore Rice A new survey has revealed that some millennials expect a much higher inheritance than they will actually receive, and that they will have to wait longer for it... Read more

Survey reveals lack of awareness of inheritance rules

By Lenore Rice Results of a new survey by Quilter suggests that 63 per cent of people in Northern Ireland and the rest of the UK are not aware of some... Read more

Remarrying couples often unaware that marriage revokes a Will

By Lenore Rice There is a general lack of understanding about writing a Will, and what happens to your estate if you don't have one, but another aspect that very few... Read more

Have you resolved to finally write a Will in 2019?

By Lenore Rice Writing a Will often appears in a list of New Years resolutions and is something that is regularly put off. Most people are in agreement that making a... Read more

64 per cent of 25-to-45 year olds expect to receive inheritance

A report by Sanlam UK suggests that 64 per cent of 25-45-year-olds in Northern Ireland and the rest of the UK expect to receive an inheritance, and just over a... Read more

Why you need to write a Will in 2018

By Lenore Rice   Research on the number of adults in Northern Ireland and the rest of the UK who have not written a Will regularly suggest that somewhere between 50 and... Read more

Northern Ireland farmers encouraged to make death bed tax plans

By Lenore Rice Specialist rural accountants have encouraged farmers in Northern Ireland and the rest of the UK to seek advice in respect of inheritance tax and capital gains tax in... Read more

HMRC sign commercial property lease on new Belfast office

By Neil Logan HM Revenue and Customs (HMRC) has signed a new commercial property lease that will see 1,600 employees situated in the Erskine House in Belfast from 2021. Erskine House is... Read more

Significance of u-turn on absolute limits to care funding

By Lenore Rice The Conservative Party would prefer to call it a clarification rather than a u-turn, but either way, Theresa May has announced that there would be an “absolute limit... Read more

Over half of parents want to give away early inheritance

By Lenore Rice Just over a half of parents want to give an early inheritance gift to their children according to a new study by Key Retirement. The 53 per cent of... Read more

Supreme Court rules in favour of animal charities in Will challenge

By Lenore Rice The Supreme Court has ruled in favour of three animal charities who had challenged the decision of the Court of Appeal to award £160,000 to a woman who... Read more

Brothers asserting lack of testamentary capacity lose Will challenge

By Lenore Rice Two brothers have failed in their efforts to contest a Will of their father which bequeathed half of his £250,000 fortune to their stepmother. Richard and Jonathan Powell claimed... Read more

Make a Will in March and our fee goes to Northern Ireland Hospice

Wilson Nesbitt will be taking part in Northern Ireland Hospice's "Make a Will Month" again this year, meaning you can write a Will in March and make a donation instead... Read more

More parents using discretionary trusts to protect family assets from divorce

By Lenore Rice New research suggests that more people are using discretionary trusts to protect gifts of money or assets to their married children in the event of a future divorce. Discretionary... Read more

Inheritance lessons to learn from Prince and a princess

By Lenore Rice When it comes to making a Will and making plans to pass on your estate, there are no more obvious high-profile examples to look at than the cases... Read more

Making a Will continues to feature on resolution lists

By Lenore Rice There are a few resolutions that carry over from each year, and will almost certainly find themselves on next year's list as well - one of which is... Read more

5 things to consider when making a Will

By Lenore Rice A high percentage of adults in Northern Ireland consider making a Will but fail to carry through to writing one, largely because it is difficult to contemplate a... Read more

Renewed calls for scrapping of inheritance tax

By Lenore Rice There have been renewed calls for the abolishment of inheritance tax after it was revealed that 28,000 families in Northern Ireland and the rest of the UK were... Read more

Inheritance dispute judge says no clear promise was made

By Lenore Rice A son has failed in his attempt to contest the Will of his mother that left almost the entire estate to his sister, with the High Court judge... Read more

Poll reveals inheritance tax is the most hated tax in the UK

By Lenore Rice A survey has revealed that inheritance tax is the most hated tax among people in Northern Ireland and the rest of the UK, with 90 per cent of... Read more

Increase in gifting to cut inheritance tax bills

By Lenore Rice An increasing number of people in Northern Ireland and the rest of the UK are making gifts of assets in order to reduce the inheritance tax bill their... Read more

Inheritance tax payments in the UK reach 35-year high

By Lenore Rice A freeze on the inheritance tax threshold, coupled with the removal of some tax reliefs and rising property prices has resulted in the highest number of families in... Read more

Reminder to write a Will in November and our fee goes to charity

By Lenore Rice We are just past the half-way mark of Make A Will month, in which you can write a Will and make a donation to charity instead of paying... Read more

Will Aid month is underway - make a Will and our fee goes to charity

By Lenore Rice Throughout the month of November you can write a Will with the assistance of our experienced Will writing solicitors, and make a donation to charity rather than pay... Read more

Woman used power of attorney to steal sister's inheritance

By Lenore Rice A woman is facing prison after being found guilty of the theft of her sister's £50,000 inheritance. Maxine Forster, now aged 50, had been granted a power of attorney... Read more

People in Northern Ireland are the most reluctant to make a Will

By Lenore Rice Fewer people in Northern Ireland have made a Will according to research that looked at adults across the whole of the UK. The research by looked at how... Read more

Call for Inheritance tax to be merged with Capital Gains Tax

By Lenore Rice The Institute of Directors is calling for inheritance tax in Northern Ireland and the rest of the UK to be scrapped, with the group's head of taxation, Stephen... Read more

Will revisions required to benefit from new inheritance tax allowance

By Lenore Rice Accountants are warning that thousands of people in Northern Ireland and the rest of the UK will need to update their Will in order to benefit from a... Read more

One in three people are counting on inheritance cash payout

By Lenore Rice One in three people in Northern Ireland and the rest of the UK are expecting to receive an inheritance cash payout according to new research by insurer LV=. A... Read more

Disinherited daughter successfully challenges Will in landmark case

By Lenore Rice A landmark court decision that awarded a disinherited daughter a third of her mother's estate, despite the latter's express intention that she should receive nothing, could result in... Read more

Budget speech delivers living wage and inheritance tax boost

Chancellor George Osborne surprised many people in his Budget speech with the announcement that the living wage would be introduced for employees aged over 25, coming into effect next April. The... Read more

Tory inheritance tax plan is 'special treatment for property owners'

By Lenore Rice The Conservatives have announced that they would introduce a new zero-rate band of £175,000 on a main property involved in an estate for inheritance tax purposes. Essentially, the threshold... Read more

Increasing number of estates are liable for inheritance tax

By Lenore Rice The continued freeze of the threshold at which inheritance tax becomes payable is expected to result in a record amount of inheritance tax receipts in 2015/16. The current inheritance... Read more

End of year tax returns scrapped in favour of real-time accounts

Chancellor George Osborne announced in his Budget speech today that the government will scrap annual tax returns and replace them with a 'real-time' online accounts system that calculates tax throughout... Read more

Two years prison for attempt to dodge inheritance tax

By Lenore Rice A 56 year old woman has been given a two year prison sentence for lying about the size of an inheritance she received and failing to disclose gifts... Read more

£1.3m compensation for daughter who was promised inheritance

By Lenore Rice The High Court in Cardiff has awarded £1.3million compensation to a woman who worked for nothing on her parents farm for years on the promise that she would... Read more

Wilson Nesbitt is participating in NI Hospice Make a Will Month

By Lenore Rice Throughout the month of March clients can write a Will with Wilson Nesbitt and make a donation to Northern Ireland Hospice instead of paying the standard solicitor fee. Make... Read more

38,000 inheritances delayed each year because of DIY Wills

By Lenore Rice New research suggests that as many as 38,000 inheritances in Northern Ireland and the rest of the UK are delayed each year because of poorly drafted Wills. An ineffective... Read more

Call for capital gains tax and inheritance tax to be merged

The Institute of Directors (IoD) is calling for the government to merge capital gains tax and inheritance tax to stop owners of high valued properties being taxed twice on the... Read more

Divorce among over-50s is up but negligence on Wills remains

By Lenore Rice The number of people over the age of 50 having a divorce has increased by 85 per cent since 2000, yet there is still the same negligence as... Read more

Legal help to fulfill your New Year's resolutions

A new year is upon us, and according to surveys and polls, over half of us have made some kind of resolution for 2015. As ever, health and finances top... Read more

Why modern life for over-50s makes writing a Will a necessity

By Lenore Rice Surveys consistently conclude that approximately 7 out of every 10 adults in Northern Ireland and the rest of the UK do not have a Will, and there is... Read more

HMRC reclaims record amount in unpaid taxes

Almost £3.65 million of unpaid tax has been recovered from taxpayers in Northern Ireland and the rest of the UK by HMRC as a direct result of avoidance schemes, evasion... Read more

Will Aid - Make a Will and donate to charity instead of paying us

By Lenore Rice Wilson Nesbitt is delighted to announce that it is taking part in Will Aid again this year. Running for the month of November, people can write a Will... Read more

Lack of Will allows estranged wife to inherit everything

By Lenore Rice An ex-policeman who had lived with his new partner for 15 months had failed to renew his Will before his death, meaning all of his estate passed to... Read more

Men are more likely to keep and update a Will

By Lenore Rice New research by the Law Society reveals that men are more likely to have a Will and keep it updated than women, however the vast majority of adults... Read more

NI farmer admits forging will to inherit £1m estate

By Lenore Rice A farmer from Northern Ireland has pleaded guilty to forging a Will in order to inherit the £1million estate from an elderly woman. Catherine Haughey, who died in December... Read more

Cameron says inheritance tax cut will have to wait

By Lenore Rice Prime Minister David Cameron has warned that an increase in the threshold at which inheritance tax becomes payable may have to wait until after the General Election in... Read more

Rise in council charges on houses to recoup care costs

By Lenore Rice Local councils are registering a legal charge on 8 properties a day to recoup elderly care costs according to new data obtained under the Freedom of Information Act. NFU... Read more

UKIP pledge to scrap inheritance tax

By Lenore Rice The UK Independence Party (UKIP) will pledge to scrap inheritance tax at it's annual conference this Friday, and while the party's chances of general election success next year... Read more

Inheritance tax implications of rising property prices

By Lenore Rice Northern Ireland property owners have learned that their house values increased by the lowest amount of the whole of the UK in the year to the end of... Read more

Inheritance disputes causing older couples to divorce

By Lenore Rice Divorce solicitors in Northern Ireland and the rest of the UK are seeing an increase in divorces among older couples who cannot agree on inheritance issues, and in... Read more

Proposals for inheritance tax to be paid before death

Inheritance tax is often referred to as the 'death tax', but if a proposal is taken up by the government it could become just another one of the taxes we... Read more

Increase in inheritance tax payments in last tax year

By Lenore Rice Inheritance tax payments in 2013/14 came close to pre-recession levels according to figures released by HMRC, with revenue increasing by 8.6 per cent on the previous year. There was... Read more

Hint at tax breaks for Northern Ireland high earners

Taxpayers in Northern Ireland and the rest of the UK may be paying less income tax in the future as David Cameron has suggested some high earners might be moved... Read more

Northern Ireland tax workers to strike over redundancies

Northern Ireland employees of the HM Revenue and Customs (HMRC) are to go on strike on Friday over redundancies and office closures. The strike action has been co-ordinated across HMRC offices... Read more

Musician Sting tells children not to expect big inheritance

By Lenore Rice Musician Sting has said that he does not intend to leave his £180million fortune to his children, and that they have already been told not to be expect... Read more

Daughters contest Will leaving fortune to mother's young lover

By Lenore Rice Two daughters are challenging the Will of their mother that left most of her £1.2million estate to her lover who was 23 years younger than her. Alison Walker and... Read more

Council fails to force sale of house to fund nursing care

By Lenore Rice A local council has lost it's bid to force the sale of a property belonging to an elderly woman who was taken into a nursing home. Mary Walford, aged... Read more

Government to promote lasting powers of attorney

By Lenore Rice The government is keen to promote lasting powers of attorney, will writing, and other matters connected to life planning with a special day to be held next year. The... Read more

Thank you to all our clients who took part in Will Aid

We would like to thank all our clients who took part in Will Aid 2013 - the annual scheme where people can make a Will and have the solicitor fee... Read more

HMRC announce £23.9 billion tax cheat haul

The Government collected a record £23.9 billion from taxpayers in Northern Ireland and the rest of the UK in additional tax as it stepped up efforts to tackle tax avoidance. The... Read more

Emily Morris receives STEP NI Diploma

Pictured right - The President of the Supreme Court Lord Neuberger presents Emily Morris with her STEP NI Diploma at a STEP conference at the Stormont Hotel in Belfast with... Read more

Investigations into NI savers' tax affairs double

Savers in Northern Ireland and the rest of the UK are now being targeted as HMRC tax investigations double. This has raised concerns that innocent mistakes on self-assessment tax... Read more

Direct Recovery of tax debts from defaulters

The government is consulting on proposals to recover tax and tax credit debts from businesses and individuals in Northern Ireland and the rest of the UK that are actively refusing... Read more

Northern Ireland Taxpayers don’t understand their tax obligations

A new HMRC report reveals that Taxpayers in Northern Ireland and the rest of the UK have a limited understanding of tax and their tax obligations. It also suggest... Read more

Sisters remove mother as administrator of father's estate

By Lenore Rice The wife of multi-millionaire Northern Ireland man Michael Hoey has been removed as his personal representative after the High Court in Belfast ruled that she did not understand... Read more

Law Society advises Will writers on digital legacies

By Lenore Rice The Law Society has advised Will writers of the importance of clear instructions when it comes to their digital legacies. Many testators now have digital or online property, such... Read more

Maeve Binchy considered herself a great Will maker

By Lenore Rice Irish novelist Maeve Binchy, who died aged 72 in 2012, considered herself to be a "great Will maker" and claimed she had updated her Will at least 40... Read more

Tax clampdown under threat as HMRC plan job cuts

George Osborne's budget promise to fund a clampdown on tax evaders in Northern Ireland and the rest of the UK appears to be under threat after a leaked memo showed... Read more

PM keen to increase inheritance tax threshold higher

By Lenore Rice David Cameron says he is keen to encourage more people to leave an inheritance to their family by increasing the threshold at which inheritance tax becomes payable. Mr Cameron... Read more

NI Tax avoiders to be forced to pay off bills sooner

HMRC will now demand faster payments of income tax and national insurance from people in Northern Ireland and the rest of the UK using disclosed avoidance schemes. The new rules mean... Read more

Nephew promised inheritance successfully contests Will

By Lenore Rice The High Court has acted to ensure that the nephew of an elderly woman who left his job to look after her received the inheritance he was promised,... Read more

7pc of Northern Ireland taxpayers filed late tax returns

HM Revenue & Customs has broken down Self Assessment taxpayer by region and finds that taxpayers in Northern Ireland registered 7 per cent of late tax returns, which was the... Read more

Undeclared offshore account holders face HMRC clampdown

HMRC’s latest campaign which starts on 24th February 2014 will target offshore account holders in Northern Ireland and the rest of the UK in a new clamp-down on tax evasion. With... Read more

New digital services launched for Self Assessment taxpayers

Three new pilot digital services are to be launched by HMRC with the aim of helping taxpayers in Northern Ireland and the rest of the UK manage their tax affairs... Read more

Lessons we can learn from Philip Seymour Hoffman's Will

By Lenore Rice The Oscar winning actor Philip Seymour Hoffman, who passed earlier this month, had written a Will that we can take some very valuable points from. First of all, that... Read more

Half of UK inheritance tax paid in London and South East

By Lenore Rice Approximately £3.1billion inheritance tax was paid in Northern Ireland and the rest of the UK in 2012-13, but half of that was generated from estates in London and... Read more

Tax Cheats in Northern Ireland and rest of UK named by HMRC

HMRC have today published the latest list of deliberate tax defaulters which include individuals and businesses from all parts of mainland UK and Northern Ireland.This policy is HMRC's latest approach... Read more

NI Mortgage advisers say only 1 in 4 clients have a Will

By Lenore Rice The results of a survey of mortgage advisers in Northern Ireland suggests that at best only a quarter of clients purchasing or remortgaging their property have written a... Read more

HMRC challenges yield £108m in additional inheritance tax

By Lenore Rice New research shows that the HMRC brought in 23 per cent more inheritance tax in 2013 as a result of challenging the valuation of estates, netting an additional... Read more

The Will to keep your New Year's resolution

By Lenore Rice Around half of us in Northern Ireland and the rest of the UK are expected to make resolutions for the New Year - only a small percentage will... Read more

Rising house prices to increase inheritance tax bills

By Lenore Rice The estates of deceased persons in Northern Ireland and the rest of the UK are likely to face a higher inheritance tax bill this year as a result... Read more

MLA calls for stamp duty and income tax powers for NI Assembly

Basil McCrea, the leader of the NI21 party, has once again brought the devolution of tax powers to the Northern Ireland Assembly debate into the spotlight, as he says his... Read more

Wealthy women under 65 are most likely to inherit

By Lenore Rice A new government study has revealed that self-employed women under the age of 65 who are already considerably wealthy are the most likely to receive an inheritance. The figures... Read more

Councils cracking down on care home fee avoidance

By Lenore Rice Councils are said to be paying more attention to the motivation behind transfers of property by older people to their grown up children before they go into care... Read more

Unpaid inheritance tax increases to £400million

By Lenore Rice New figures released by HM Revenue and Customs (HRMC) show that the amount of unpaid inheritance tax has gone up by £100million to a total of £400million compared... Read more

Inheritances dropped to sort retirement shortfall

By Lenore Rice An increasing number of people are having to drop their plans to leave an inheritance to their children as they begin to count the cost of retirement, says... Read more

Tax deadline approaches for high earning parents

By Lenore Rice Parents who receive a salary over £50,000 and also receive Child Benefit must complete an income tax self assessment return by 5th October to avoid penalties. The High Income... Read more

7 out of 10 people who died last year had no Will

By Lenore Rice Seven out of ten people who died last year did not have a Will according to charity Carers Trust. People who die without a valid Will are said to... Read more

Care home costs reduce chance of inheritance

By Lenore Rice A new report claims that 75 per cent of people in England and Wales that go into a care home will see all their savings and property value... Read more

IHT simplification proposal anything but simple

By Lenore Rice The HMRC has supposedly been trying to simplify the UK tax system, generally considered to be one of the most complex in Europe, if not the world. It's... Read more

Wording of Will prompts Gov u-turn on cash gift

By Lenore Rice David Cameron has said that £520,000 left as a bequest to the government by Joan Edwards in her Will is now going to be passed to the Treasury,... Read more

Inheritance tax payments at 6 year high

By Lenore Rice The amount of inheritance tax paid by people in Northern Ireland and the rest of the UK rose for a third consecutive year in 2012, taking it to... Read more

Over half of millionaires don't have up to date Will

One of the most common reasons given by the 70 per cent of the adult population in Northern Ireland and the rest of the UK for not making a Will... Read more

Fewer people in Northern Ireland have a Will

When it comes to writing a Will there is a general reluctance among adults in the UK, and particularly among those living in Northern Ireland. Various surveys have been carried out... Read more

Gov to publish marriage tax break proposal

David Cameron has announced that proposals for a marriage tax break will be published shortly, and it is believed that details will be given to Parliament by the time of... Read more

Will upheld despite declining mental powers

A son has lost his attempt to overturn a Will signed by his mother at the age of 88 without legal advice and without a medical check, despite the judge... Read more

Increased living costs reducing inheritances

Fewer people in Northern Ireland and the rest of the UK will be benefiting from inheritances according to Aviva's Real Retirement report. Just over one in five people who are approaching... Read more

Farmer wins inheritance tax case against HMRC

The HMRC have failed to overturn the decision of the First-Tier Tax Tribunal which held that a farmhouse and farm land do not have to be in the same legal... Read more

HMRC targets tax evasion in NI restaurant trade

Her Majesty's Revenue and Customs (HMRC) has set up a special task-force to target tax evasion in the Northern Ireland restaurant trade. A significant sum of money has been made available... Read more

Children fail to revoke Will leaving £6.7m to charity

The four children of multi-millionaire Alfred Stewart have failed in their bid to revoke his Will leaving almost all of his £6.7million estate to charity, and nothing to them. The children... Read more

Tax fraud prosecutions double as HMRC gets tough

The aggressive approach taken by the HMRC to tax evasion and tax fraud over the past couple of years has seemingly paid off, as prosecutions relating to tax fraud are... Read more

2013 Budget tax announcements at a glance

Chancellor George Osborne has today delivered the 2013 Budget. Here are some of the key points in respect of tax: Income Tax From April 2013 the personal allowance will increase to £9,440 By... Read more

First list of tax dodgers published by HMRC

The HM Revenue and Customs (HMRC) has published a list of 'deliberate tax defaulters' for the first time, in a week when there has been talk of adopting a name... Read more

Call to name and shame tax avoiders

The Commons public accounts committee is calling on the government to adopt a 'name and shame' approach to tax avoiders in Northern Ireland and the rest of the UK. Over the... Read more

'Labour gov would bring back 10p tax rate'

Ed Miliband has announced that if Labour are returned to government they will bring back the 10p starting rate of tax. It was actually the Labour party, led by Gordon Brown,... Read more

New Years resolutions more finance orientated

The past couple of years have seen a change to the most popular New Years resolutions made by people in Northern Ireland and the rest of the UK. While dieting, exercise... Read more

More people living to 100 alters inheritance plans

A new report by the Office for National Statistics shows that more people in England and Wales are living beyond 100 years, raising more questions on the affect of an... Read more

Chancellor's Autumn statement: Tax summary

Chancellor George Osborne announced the government view on the UK economy and its future plans in his Autumn Statement today. In particular, there were a number of tax changes outlined,... Read more

Younger retirees less inclined to leave inheritance

People approaching retirement would appear to have a different attitude to leaving an inheritance to those who are already retired, according to research by Just Retirement. Older retirees are more inclined... Read more

Case update - Daughter inheritance used for cats

Marlene Howes, aged 67, has been cleared of charges of benefit fraud, after the court accepted that the £84,000 inheritance she received from her Mum was spent entirely on cats. Mrs... Read more

Software used to recoup £26m inheritance tax

Her Majesty’s Revenue and Customs has been able to recoup over £26million of unpaid inheritance tax, thanks to complex software that cross references personal financial information from different sources. The "Connect... Read more

Clegg proposes emergency 'wealth tax'

Deputy prime minister Nick Clegg has proposed an emergency tax on the wealthiest people living in Northern Ireland and the rest of the UK for a limited period of time. Mr... Read more

Fewer and smaller inheritances to be left

One in three people living in Northern Ireland and the rest of the UK will probably not receive any kind of inheritance, and for those that will, the average inheritance... Read more

HMRC to send out 50,000 penalty letters

Half a million people who failed to submit their tax returns for 2010/11 before the deadline will receive penalty letters this week. The introduction of higher penalties in April 2011 has... Read more

Investment risks farmland IHT exemption

The increasing practice of investors purchasing farming land to avoid inheritance tax could result in the IHT exemption on farmland being removed altogether by HMRC. In some areas farmers are finding... Read more

Tax evasion informants payments on the rise

HMRC has paid out over £1m to tax informants in Northern Ireland and the UK over the last number of years to informants providing information on anyone evading tax.  These... Read more

Farmers work beyond retirement to lower IHT

Farmers in Northern Ireland and throughout the UK are often working well beyond retirement age in order to avoid increased inheritance tax (IHT) liabilities that can be imposed in respect... Read more

Falling house prices result in IHT rebates

Thousands of people may be entitled to an inheritance tax rebate as a result of falling house prices. Inheritance tax (IHT) is calculated using the value of the property at... Read more

Bad inheritance tax planning costs Brits £450m a year

New research carried out by suggests that £450million a year could be saved in Britain if inheritance tax planning was improved. The research looked at life insurance policies in particular,... Read more

Peer proposes charging inheritance tax to beneficiary

Opposition Treasury spokesman Lord Eatwell has proposed charging inheritance tax to recipients of legacies, rather on the estate of the deceased. The proposal was made during a speech in the House... Read more

More estates liable for IHT after allowance changes

New legislation introduced as part of the Finance Bill 2012 provides that inheritance tax and capital gains tax-free allowances will rise in line with the lower consumer prices index (CPI),... Read more

Benefits cheat hid £50k inheritance

A woman has been given a suspended jail sentence for fraudulently claiming £15,000 in benefits despite having received an inheritance amount of approximately £53,000 by her late father. The court... Read more

HMRC inheritance tax focus on property valuations

The HM Revenue & Customs (HMRC) last year raised an extra £70million in inheritance tax by challenging property valuations made in the estates of deceased people. UHY Hacker Young say... Read more

Poor inheritance tax planning will cost UK £1billion

Research carried out by has predicted that UK taxpayers will waste approximately £1.3billion in inheritance tax this year as a result of poor tax planning. Behind tax credits, inheritance tax... Read more

Parents resist inheritance for children fearing divorce

New research by Rensburg Sheppards suggests that a third of parents are concerned about leaving an inheritance of money to children who are married, fearing that they might get divorced... Read more

Half of all adults have received pre-inheritance

A new survey has revealed that 46 per cent of all adults in Britain have received a sum of money from their parents known as a 'pre-inheritance' - essentially, receiving... Read more

Early Inheritance tax planning now essential

Tax expert Bob Fraser of the Wealth adviser firm Towry says that Inheritance tax planning has become so complex that anyone wanting to minimise the amount they will be liable... Read more

Inheritance tax relief could be abolished

The recently created Office of Tax Simplification (OTS) has spend the last weeks picking through the hundreds of different tax reliefs and exemptions that exist under the current UK tax... Read more

Pensioners avoid inheritance tax by keeping mortgages

According to Lewis Hymanson Small, there is a growing trend among wealthy pensioners of deliberately maintaining a mortgage in order to avoid paying inheritance tax. A mortgage counts as debt... Read more

Government to reform pension annuities

The government has launched a consultation period to consider the removal of the requirement to annuitise at the age of 75. In his Emergency Budget speech last month, Chancellor George... Read more

Tory candidates call for immediate inheritance tax cut

6 in 10 Tory candidates say they want their party to implement an increase in the inheritance tax threshold to £1 million as soon as possible if they should win... Read more

Inheritance tax threshold frozen in pre-Budget report

Despite previous plans to raise the Inheritance Tax (IHT) threshold to £350,000, the Chancellor, Alistair Darling, announced in his pre-Budget report that it will be frozen at £325,000 for individuals... Read more

Inheritance tax interest rate rise 'no surprise'

The news that bereaved families will have to pay three per cent interest on late payments of inheritance tax from next month is no surprise, according to one commentator.Alex Pegley,... Read more

Adults 'not clear on inheritance tax'

New research has revealed that adults in the UK and Northern Ireland are not sure of rules around inheritance tax issues.The study by independent financial advice firm Pryce Warner International... Read more

Billions wasted through poor IHT planning

Consumers in Northern Ireland and the rest of the UK are wasting billions of pounds on unnecessary inheritance tax (IHT) payments, new figures from consumer website show.Some 2.2 billion... Read more

Consumers urged to reduce their own tax burden

Consumers in Northern Ireland and the rest of the UK have been advised not to wait for budget handouts, but to take financial improvement action by contacting an independent financial... Read more

Do not walk a 'tight rope' with IHT planning, consumers advised

People neglecting inheritance tax (IHT) planning on the assumption that the tax may be abolished if a Conservative government takes over are "walking a financial tight rope", it has been... Read more

Britons 'naive' about inheritance tax

Many British people do not have a good enough understanding of inheritance tax and are failing to make the most of potential tax savings on their estates, it has been... Read more

IHT not the preserve of the rich

Inheritance tax (IHT) is not solely the preserve of the rich as many people mistakenly think and so too is writing a will, a financial services company has said.This is... Read more

New inheritance tax bill to be introduced

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... Read more

Labour MP blames lack of support for failure of inheritance tax amendment

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... Read more

Moves to change sibling inheritance rules

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... Read more

NI businesses 'should seek advice' on succession

A succession plan is essential when a parent wishes to split a family business between heirs, reports Karen E Klein in the LA Times.Northern Ireland firms should consider Ms Klein's... Read more

Trusts a 'great opportunity' for lessening inheritance tax

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... Read more

Families of injured soldiers 'could be IHT exempt'

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... Read more

Care home financial advice 'essential'

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... Read more

Consumers 'seeking more financial advice'

The credit crunch has increased the number of people looking for financial advice, according to Figures released by the independent website show that the number of people asking for... Read more

Inheritances twice 1997 level

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... Read more

IHT problems for unmarried couples

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... Read more

'Most successful companies being driven abroad'

The government's tax policies are driving the best companies abroad to take advantage of more favourable tax rates, the Telegraph reports.Despite their previous "reputation for economic competence", the government's current... Read more

Sisters lose out in inheritance tax battle

A pair of co-habiting elderly sisters has been told by the European court of human rights they have not been discriminated against under UK inheritance tax (IHT) regulations.The sisters had... Read more

Rich list shows region's increasing wealth

The Sunday Times Rich List has shown that Northern Ireland's wealthy have risen in fortune to £10.7 billion.The Belfast Telegraph reports that the province saw one of the largest increases... Read more

'Removing emotive aspects important in estate planning'

Ensuring that children are well-prepared for inheritance and what will happen to your estate when you die is as important as considering tax implications, according to Ian Driscoll in the... Read more

Farmland inheritance tax regulations 'could mean the end of family farms'

Family farms in Northern Ireland are under threat from changes in the inheritance tax (IHT) system which may mean informally-let farmland is liable to the tax, it has been claimed.Belfast... Read more

Inheritance tax regulations left Body Shop creator's inheritance at 'nil'

Body shop owner Anita Roddick gave nothing to her children in her will before her untimely death at age 64. Instead of leaving an estimated £51 million estate to her... Read more

NI consumers 'need more advice on IHT'

Most independent financial advisors believe that their clients do not understand the full effects of inheritance tax (IHT) on their estates, according to a Close Investments survey.In a survey of... Read more

IHT 'less of a concern'

Most people "need not worry about inheritance tax" (IHT) because couples are now allowed to pool their inheritance tax allowances, according to a newspaper.British publication the Mirror claims that as... Read more

Tax advice 'could save £9.3 billion' in UK

Solicitors in Northern Ireland could help save consumers thousands of pounds each on unnecessary inheritance tax (IHT), according to new has found that the UK's "tax waste mountain" will... Read more

IHT 'generous' to small businesses

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... Read more

Government to produce Taxpayers' Charter

After solicitors in Belfast and Northern Ireland have seen many clients complaining that they don't understand their tax obligations and tax forms, the government has announced a new Taxpayers' Charter... Read more

IHT planning 'should start early'

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... Read more

Darling pledges inheritance tax cut

Chancellor Alistair Darling has announced that inheritance tax will be cut in his first pre-Budget Report.Solicitors in Northern Ireland may see more clients looking to buy houses as the inheritance... Read more

Tories offer inheritance tax change

The Conservative Party has announced it would cut inheritance tax costs for millions of people across Britain and Northern Ireland by increasing the threshold to £1 million.Shadow chancellor George Osborne... Read more

Sisters 'treated worse than lesbians'

Two sisters are taking an inheritance tax claim to the European court of human rights, claiming that the law in Britain and Northern Ireland offers them worse protection than if... Read more

Accountants face greater regulation

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... Read more

Brits 'wasting money' in inheritance tax

It has been claimed that people across Britain and Northern Ireland are wasting a combined total of £1.5 billion in inheritance tax.Figures released by have suggested that people could... Read more

HMRC confirm IHT will not hit children's trusts

Solicitors and insurers have welcomed ultimate confirmation from HM Revenue & Customs (HMRC) that gifts in trusts left to minors will not be subject to inheritance tax (IHT) charges.Convoluted changes... Read more

IHT threshold increase receives lukewarm welcome

Chancellor Gordon Brown's budget on Wednesday included the announcement that the inheritance tax (IHT) threshold will increase from £285,000 to £300,000 in 2007-2008 with further incremental increases with the target... Read more

Brown 'could reform inheritance tax'

It has been suggested that Gordon Brown could begin a complete overhaul of the inheritance tax system if he becomes prime minister.It is widely predicted that Mr Brown's 2007 Budget... Read more

Concern over tax inspector incentives

Concerns have been raised over new plans that could see tax inspectors across Great Britain and Northern Ireland receive incentives for finding further taxable funds.Under proposals from HM Revenue and... Read more

Gifts to friends and family, not the government

Inheritance tax (IHT) now affects more people in Britain and Northern Ireland due to booming property prices in recent years, with ten million properties currently liable for 40 per cent... Read more