“Are you entitled to the marriage allowance?”

Nov 13, 2017 | Tax

Here’s some actual financial guidance (as opposed to advice: ie, you can’t sue me it it’s wrong, I refer you to our regulator). If you’re married and one of you is a non-taxpayer, the latter can pass some of their tax allowance to the taxpayer. This is often the case with retired couples and maternity leave Mums (or Dads, sorry). My clients read about this in Saga Magazine (I could, but I don’t, yet) and we agreed it was worth a ‘phone call to HMRC; They had a rebate of £460 within a few days and, lesson learned, I’ll be telling the tale to all to whom it’s relevant.

“HMRC scraps plans to tax pensions after death”

Nov 25, 2023 | Tax

A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.

“Raising IHT threshold could cost government £6bn”

Nov 14, 2023 | Tax

Well, the lesson of this week in politics must be to expect the unexpected. Or, alternative interpretation, to expect more of the same. The speculation on the future of Inheritance Tax has switched from abolition to a rise in the amount of wealth you can have before the 40% payment hits.