The economic downturn caused by the pandemic has certain advantages that you may wish to consider now. Are you thinking about assisting a family member who has lost their job and is currently experiencing financial difficulty? Gifting money to family members would not give rise to Capital Gains Tax (‘CGT’), but it may assist your Inheritance Tax (‘IHT’) position.
Each of us is given a threshold of £325,000 (known as the nil rate band) whereby our estate has no IHT liability. Any gifts…
When people envisage what the term ‘digital asset’ actually means, they are likely to imagine crypto-currency and feel that it is not something that they personally need to consider when planning their Will. However, the term covers a vast array of ‘assets’ that many people now own and would not even consider an asset, as it is not something that is tangible.
When planning your will, you must reach past all that is tangible and that can be physically…