death duties Archives - Philip J Milton & Company Plc

‘Low key’ Spring Statement contained few surprises

The Chancellor’s Spring Statement did not contain a great deal we hadn’t already heard and no immediate prospects for economic growth. In a relatively low key affair, Rachel Reeves set out her latest update on the economy and restated plans to cut the welfare budget as well as making cuts to Government departments, as we...

Days left to make ISA and Pension contributions before Financial Year ends

So the dearly departed are coming to the rescue of the Chancellor, as Inheritance Tax receipts for the period from April 2024 to February 2025 topped £7.6billion and that is before the swingeing increases in the Autumn Statement where these death duties will affect pensions and businesses too. The figure is projected to grow another...

Equity release – is it in your best interest?

Equity release – or remortgaging your home – saw a surge in popularity at the end of 2024, latest figures have revealed. The Equity Release Council says there was an increase in lending of £622million in the last quarter of the year, up 16% on the year before, although the figure for the total year...

Planning for IHT on pensions and should you be worried?

A great many anxious enquiries from clients have been generated by the Budget announcement that pensions would become subject to Inheritance Tax from 2027. Join us for a brief toe-dip into the murky IHT waters and consider what options you may have – but please take advice first! Independent Financial Advisers (IFAs) have been fielding numerous...

Hold fire on pensions Inheritance Tax decision for now…

Reforms announced in the Budget to include unused pensions in Inheritance Tax from 2027 have rightly prompted concern and fears for those planning how to pass on their estate to their family – but don’t do anything rash just yet! This is because HMRC is running a consultation on these proposals until January 22, 2025...

Where there’s a Will – make sure it’s done the right way

Disputes over the validity of Wills and quarrels over the inheritance of estates are as old as the hills and no doubt ancient civilisations had very similar problems – though their solution was probably somewhat blunter than we are used to! We’ve visited the topic before, but it was an eye opener recently to hear...

Inheritance Tax revenue soars – but will it affect you?

The last financial year saw a record £7.5billion collected in Inheritance Tax (IHT) – and it is predicted to hit £10bn by the end of the decade. The numbers from HM Revenue and Customs (HMRC) has shown that IHT receipts increased by £400m year-on-year, after £7.1bn was collected in 2022/23. This really should come as no...

‘Low key’ Spring Statement contained few surprises

Days left to make ISA and Pension contributions before Financial Year ends

Equity release – is it in your best interest?

Planning for IHT on pensions and should you be worried?

Hold fire on pensions Inheritance Tax decision for now…

Where there’s a Will – make sure it’s done the right way

Inheritance Tax revenue soars – but will it affect you?

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Philip J Milton & Company Plc

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