UK Inheritance tax (IHT) is the tax which is paid on an estate when the owner of that estate dies. Depending on certain criteria, the tax may also be payable on gifts or trusts made during that person’s life. Typically, UK Inheritance Tax  is paid by the executor using funds from the estate of the deceased. Trustees with assets in a trust are usually responsible for the payment on IHT in that trust and sometimes people may have to pay IHT on gifts received. However, the payee of IHT is dependent on a number of factors, and each circumstance may affect who should pay the IHT owed. British expats and non-residents Read more…

The UK is finally moving away from a decade of austerity, as the 2020 spring budget has seen spending soar across many different sectors. The newly appointed chancellor, Rishi Sunak, spent a large part of his speech targeting the current and future impact of the coronavirus and how the government could help people affected. But the rumoured inheritance and pension tax relief reforms were given much less attention, if any. Reports that the chancellor could drastically overhaul the inheritance tax (IHT) system by reducing it to 10% with a £30,000 lifetime gifting limit came to nothing. Little airtime was also given to pensions, with the only measure taken by the UK government being Read more…