IHT

News by Tag

Families, Gifts and Tax?

8th September 2020
Your son is struggling with his finances and has come to you for some help. You have been paying some of his household bills until he gets back on his feet. But what are the tax consequences that you and your son should consider? Inheritance tax expert Brona MacDougall provides the answers. You may have...

How to avoid the ‘Seven-year glitch’

3rd January 2020
Giving away your wealth to members of your family reduces your estate for inheritance tax purposes, but only after seven years. However, it is possible to achieve the same result without the wait. What steps do you need to take? Inheritance tax expert Brona MacDougall has some valuable advice for you. Any tax expert will...

PAYING INHERITANCE TAX

1st September 2015
After someone dies, the people looking after their affairs have to add up the value of what is left behind and take off any debts and expenses. Depending on how much is left in the person’s estate (their property, money and possessions) there might be Inheritance Tax to pay. Inheritance Tax is paid if a...