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  • Tax

    Help needed to become more efficient and grow

    It’s running slow

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    For a married couple IHT is effectively 2 lots of £325k nil rate band - so if you go first wife has no IHT - though on her death excess over £650k is taxed at 40% (or vice versa).

    Also there is higher nil rate band for property left to direct descendants eg kids. That mandates writing Wills for each of you.

    In short term you need to consider cheap Term Life cover on both spouses (written under Trust) to cover any IHT liability.

    You need a tax specialist first and foremost to cover all bases.

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    Thanks LL.  Stupid question.  If my portfolio has mortgages owing, is just the capital gain subject to IHT or is it the whole amount so say 100k property, 80k owed, is that 20k knocked off the 650k or 100k?

    Really appreciate it Ill definintely get proper tax advice and financial advice

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    It’s your nett estate which is taxed. On IHT

    so debt can work in your favour

    that’s why it’s wise to have life cover in trust it also avoids I hT

    habr

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.