For most who might leave an Inheritance Tax bill to pay when they depart, there aren’t that many ways to get around it. For most leaving their money to kids with house making up most of the value, it boils down to giving away the assets you don’t live in and hanging on for seven years, giving some to charity or taking it on the chin and setting up life insurance to provide the funds. The other remaining option is to invest in smaller or unlisted companies, whose shares get relief from IHT after 2 years. As allowances have been frozen and there aren’t many other options, it’s no wonder this is an increasingly important, or at least available option. You get the tax break because it’s risky, so it’s not for everyone or for all of what you have. So the advice is…take (independent financial) advice.
“Jeremy Vine latest to face HMRC in IR35 battle”
Yes, you heard it here first, there was something good in Liz Truss’s mini-budget: she abolished, or tried to abolish IR35. The ‘IR’ stands for Inland Revenue, so you can see it’s a regulation, or attempt at a regulation, which goes back to pre-HMRC days (that’s when it was merged with Customs & Excise, kids etc.).
