The Chancellor Alistair Darling in his pre-budget report October 2007 stated that for married and civil partnership couples any unused Inheritance Tax allowances on the first death may be carried over and applied to the estate on the second, and that this policy will be retrospective.
This does NOT increase the overall tax allowance but it does mean assetts can pass between couples without increasing the overall burden of tax.
Where trusts have been used to achieve the same end there will be no difference in tax efficiency.
Trusts do however offer further protection of assetts against the consequences of remarriage and sometimes excessive community care home fees.
Loss of assetts due to remarriage can be particularly distressing to children of the deceased parent.
Good advice is Priceless & our Home Visiting Service is very convenient.
If you want to see your assetts benefit the right people then please call our regional consultants Andrew Wilson fsww (South Central) or John Rodwell msww (South West) or email us. emailink
tel: 0118 9892813 email: enquiries@topwills.co.uk South Central Region: Estate Planning Consultant Andrew Wilsonbased Wokingham Berkshire
South West Region: Estate Planning Consultant John Rodwell based Bristol Avon
37% of Wills written are never found
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Safe custody of Wills is one of our services
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Failure to appoint a guardian for your children may result in their going into care
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Enduring Powers of Attorney can stop institutions gaining control of your money
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Failure to set up a trust for your orphaned children means that a fee charging government agency will control your money until they become of age
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You cannot give away your home to your children to avoid care costs
------------------- There is no Capital Gains Tax on death but there is Inheritance Tax -------------------
Shares in AIM market companies pass Free of Inheritance Tax after 2 years ownership
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Certain small businesses pass Free of Inheritance Tax
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You should have a Will in a foreign country if you have property there, but confine its scope to property within their territory
