info@inn-control.co.uk
Blog
Pass on up to £950,000 tax-free in 2019-20
16 May
As of 6 April, direct descendants can inherit up to £950,000 completely free of inheritance tax from their parents or grandparents thanks to increases in the residence nil-rate band.
This tax-free allowance on inherited property has risen from £125,000 to £150,000 this year and will rise again next year to £175,000.
In order to qualify for this allowance, an individual must pass on their main home to a direct descendant, such as a child or grandchild.
The residence nil-rate band is layered on top of the existing basic allowance for Inheritance Tax (IHT) of £325,000 per person or £650,000 for a married couple or civil partners.
This means that spouses and civil partners could leave behind up to £950,000 in 2019-20, rising to £1 million from next year.
Where an estate is valued at more than £2 million, the residence nil-rate band will be progressively reduced by £1 for every £2 that the value of the estate exceeds the threshold.
Individuals in England and Wales will normally incur IHT at a rate of 40 per cent on all estates valued over this threshold, so it is worth planning ahead to make sure you minimise any liabilities.
Link: Inheritance Tax: how to apply the additional threshold
Archive
- Government extends childcare funding for families affected by the pandemic
- Green Homes Grant guidance published
- Eat Out to Help Out opens for claims
- Key dates for Coronavirus support schemes
- Eat out to help out
- New legislation introduced to protect redundancy pay of furloughed workers
- Seven tips to get start-ups off the ground
- Government confirms Coronavirus tax concessions in amended Finance Bill
- Future Fund expanded to more businesses
- Research finds lack of knowledge, information and skills are key barriers to Making Tax Digital compliance
- New corporate insolvency rules come into effect
- £84 billion of R&D tax credits unclaimed – Could you be eligible for a share of this funding?
- Government confirms Job Retention Bonus of £1,000
- Upcoming key dates for the Coronavirus Job Retention Scheme
- Paying for COVID-19: Government begins exploring tax take back
- Government confirms the next steps for the digitisation of taxation
- Government publishes detailed guidance on SDLT holiday
- HM Revenue & Customs confirms first arrest in connection with furlough fraud
- Reminder: Deferral of second payment on account
- HM Revenue & HM Revenue & Customs updates Self-Employment Income Support Scheme guidanceCustoms updates Self-Employment Income Support Scheme guidance
- Coronavirus apprenticeships guidance updated
- Download our updated Coronavirus Support grids
- Details of ‘Eat Out to Help Out’ scheme confirmed
- Guidance on hospitality and tourism VAT cut published
- Summer Economic Update
- Don’t forget to make an SEISS claim by 13 July!
- HMRC offers clarity on usual hours calculation for flexible furlough
- Coronavirus grants to businesses, employers and individuals are taxable
- Guidance published on repaying Coronavirus Job Retention Scheme overpayments
- Key dates for Coronavirus support schemes
- Government publishes new ‘Covid Secure’ guidance
- Remember to reinstate your VAT direct debit in time for your next payment
- HM Revenue & Customs clarifies repayments of Corporation Tax and anticipated losses
- Employers given 30 days to confess to furlough fraud
- RE OPENING…GET ON YOUR BLOCKS!
- Download our Coronavirus support for business timeline
- Managing Cash
- Helpful steps to improve credit control
- Top tips for improving profit
- Are you taking your business online? – Six steps to effective pricing
- HM Revenue & Customs publishes detailed guidance on calculating furlough claims from July onwards
- Further clarification issued on eligibility for second round of Self-Employment Income Support Scheme
- Government delays VAT Reverse Charge
- VAT deferral refund available
- Trade Credit Insurance backed by £10 billion guarantee
- Guidance on exceptional circumstances for higher rate SDLT refunds updated
- Whistleblowers make almost 2,000 allegations of furlough fraud
- Employees returning from parental leave continue to be eligible for furlough scheme
- Chancellor unveils changes to furlough scheme
- Self-Employment Income Support Scheme (SEISS) extended
- Coronavirus Future Fund opens to applications
- Coronavirus Statutory Sick Pay Rebate Scheme set to open for claims
- Maximum Government-backed loan amount for larger businesses increased to £200 million
- Temporary tax freeze on home office expenditure announced
- Tax treatment of expenses and benefits during COVID-19
- Money laundering supervision payment deferrals and deregistration announced by HM Revenue & Customs
- Changes to notifying an option to tax (VAT) on land and buildings during the Coronavirus pandemic
- COVID-19 – Re-build and recover – we’re here to help you get back on track
- New start-ups
- Owner Managed and Family Businesses
- Cashflow projections and budget assistance
- Tax payment plans
- R&D Tax Credits
- Dividend Tax Planning
- Inheritance Tax
- Business Advisory Services
- Contracts & Agreements
- Assistance with business plans and pricing reviews
- Payroll & HR advice
- Practical Employment Law Considerations For Returning to Work
- Employment contracts – changes to package and benefits
- Furlough – continuation and return to work
- Business Finance
- Loans and other methods of finance
- Property Owners
- COVID-19 – An assessment of safe working arrangements
- Coronavirus Job Retention Scheme (CJRS) extended until October
- “Covid Secure” practical workplace guidance for employers
- Get ready to claim the Self-Employment Income Support Scheme (SEISS)
- Eligibility for grant funding
- Government reduces the penalty for Lifetime ISA withdrawals
- Bounce Back Loan scheme is now live – apply today
- Deferring your VAT payment
- Bounce Back Loans scheme for small businesses
- Businesses bombarded by cyber-attacks as they seek support for COVID-19
- Child Benefit and the High-Income Child Benefit Charge during the coronavirus outbreak
- Coronavirus Statutory Sick Pay Rebate Scheme
- Coronavirus Customs Authorisations
- Are you or your team classed as essential workers?
- Payment of dividends during the Coronavirus outbreak
- Certain sectors see access to the Coronavirus Job Retention Scheme restricted
- Are you eligible for the Self-Employment Income Support Scheme (SEISS)?
- I’m a director of a small company – what support is open to me during the Coronavirus outbreak?
- Government launches Business Support Finder tool
- Government announces Future Fund for fast-growing businesses
- Administering the Coronavirus Job Retention Scheme
- Coronavirus Job Retention Scheme online portal launches
- Statutory Residence Test changed to allow skilled workers from around the world to assist the UK’s Coronavirus response
- Government SEISS guidance updated
- Coronavirus Job Retention Scheme extended to end of June
