New Forest

21/12/2018

The Annual IHT Exemption – Use it or lose it!

Although not particularly generous at £3,000 per donor per annum if this annual IHT exemption is not used by 5 April it is lost, although it is possible to carry the allowance forward one year if unused. This means that if the annual allowance for 2017/18 was not used an individual may make gifts of up to £6,000 in 2018/19.

Where the gifts to individuals exceed the annual exemption there may still be no inheritance tax to pay if they survive for 7 years following the gift or the gift falls within the £325,000 nil rate band.

For further information on IHT, please contact Stacey Steele on 023 8046 1234.

Latest Tweets

The Government has updated its information about the Eat Out to Help Scheme and you can get more help with registration, eligibility and how to offer the discount for the Scheme here:

https://lnkd.in/gR6yEMX

Job Retention Scheme Bonus.

More details to follow on 30.9.20, can claim if wages over £520 a month on average between the 1 November 2020 and 31 January 2021. Claim in Feb 2021. It is taxable and should be shown as income.
https://lnkd.in/gRWX3A5

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your business.