Tees the Season: A Festive Guide to Inheritance Tax Free Gifting
Christmas is known as the season of giving. What better way to spread joy this festive season than by giving
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We match a member of the team with the right expertise to every client, who will invest time getting to know you, who will look after your interests and ensure you have access to the whole firm when you need it.
The legal and financial matters might be complex, but we aim to keep things straightforward and explain everything in terms that are relevant to you.
Undertaking a detailed review of your farm’s activities, we’ll look at the available opportunities and advise on any restructuring that may be necessary to take best advantage of valuable reliefs for tax purposes, usually working in tandem with your own professional advisers.
We often work collaboratively with our expert property and commercial teams where creation of a partnership or company structure is used as a strategy for succession planning, to ensure your farm is best protected for future generations.
If you’d like to meet one of our experts for a confidential, no obligation chat, please get in touch.
We have offices across Cambridgeshire, Essex and Hertfordshire, but we can help you wherever you are in England and Wales.
Tees have consistently delivered prompt advice. They demonstrate empathy in difficult situations and help client navigate towards solutions.
Part of a farm was owned by a non-farming client. The rent from the farm was important for the standard of living of the client but had not been changed for some years.
There were to be significant inheritance tax implications on the client’s death due to the non-agricultural nature of some of the assets and the non-involvement of the client in farming activities.
The client required the income in order to support their standard of living but was happy to consider passing on parts of the farm to reduce the potential inheritance tax implications and help the next generation.
By careful investigation of current values, the non-agricultural part of the farm, including the farmhouse, cottages and buildings were ascertained and valued by an agricultural agent. The client retained some of the farmland and the farm partnership agreed to pay an increase in rent on this farmland to match the rent which had previously been received. The increase in rent represented a current market rent.
The client was then willing to give up the non-agricultural part of the farm and to assist with the payment of capital gains tax the assets were placed within a discretionary trust and the gain was held over so no tax was actually paid.
Our client’s estate was significantly reduced for inheritance tax purposes and they have now survived the 7 years required.
Christmas is known as the season of giving. What better way to spread joy this festive season than by giving
Many clients have inquired about the recent Budget announcements and how the changes to pensions will impact inheritance tax (IHT).
When you build up a money purchase pension, you’re not just planning for your own retirement, you’re also creating a
The Terminally Ill Adults (End of Life) Bill (“the Bill”) is a proposed piece of legislation currently making its way
If you die without a will, your money will be distributed under the rules of intestacy. Under intestacy rules, your next of kin can inherit your money and assets according to a strict order of priority.
If you have a spouse or civil partner and children, then your spouse/ civil partner would receive the first £250,000 of your estate and personal chattels. Anything above this amount would be split as to half for the surviving spouse/ civil partner and half equally between your children. If any of your children have predeceased you, then their share may pass to any surviving children of theirs.
If you should pass away without any surviving spouse/civil partner, children or grandchildren then your estate shall pass in accordance with the following order of priority:
If you have no surviving relatives as described above, then your estate would pass to the Crown. Having a properly written will in place means your wishes are known and can be carried out after your death.
The benefits of having a properly written will include:
The National Will Register is an official register of wills in the UK. It is approved by the Law Society and used by many solicitor firms. If your will is registered, solicitors can easily find it after your death.
No – it’s not compulsory to register your will on the National Will Register. However, if you register your will it can make it easier for your family to know what your wishes are after your death.
In order to be valid, a will should be:
Many people wrongly believe that a divorce automatically cancels or invalidates a Will. Similarly, individuals with an existing Will may neglect to review it after a divorce, unaware of the potential implications. Divorce can significantly affect the provisions of a Will, an often overlooked issue. It is essential to update a will whenever there is a major change in circumstances, such as a divorce. Our specialist team can help review your will.
If you’d like to meet one of our experts for a confidential, no obligation chat, please get in touch.
