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You searched for the term IHT Your search returned the following 40 results...
 
  • Use our inheritance tax calculator - Royal London for advisers

    Inheritance tax calculator Calculates any potential IHT liability based on your client's assets and liabilities.   Assets Value of main home/residence £ Other property (second home, holiday home, business property / land, etc.) £ Cars, boats or caravans £ Household contents / personal effects...

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    Calculators

  • How inheritance tax might work on transfer (Deceased estate taxed in England) - Royal London for advisers

    How inheritance tax might apply to a pension transfer (deceased estate taxed in England) Pensions are not normally subject to inheritance tax (IHT). However, there are certain circumstances when the value of the death benefits will count towards any inheritance tax (IHT) payable by the estate...

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    Case studies

  • How inheritance tax might work on transfer (Deceased estate taxed in Scotland) - Royal London for advisers

    How inheritance tax might apply to a pension transfer (deceased estate taxed in Scotland) Pensions are not normally subject to inheritance tax (IHT). However, there are certain circumstances when the value of the death benefits will count towards any inheritance tax (IHT) payable by the estate...

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    Case studies

  • HMRC Trusts and Estates Newsletter - Royal London for advisers

    Scheme – IHT423 update Agent toolkits Trusts and estates newsletter: April 2019 This includes information on the following: Agent toolkits Acceptances in lieu and the 36% rate of IHT Office of tax simplification review into inheritance tax Technical changes to residence nil rate band New style...

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    Trusts

  • Helping solicitors with inheritance tax and pensions - Royal London for advisers

    Helping solicitors with inheritance tax and pensions Clare Moffat 24 October 2018 Share Share Clare Moffat looks at how you can help solicitors understand the implications of IHT on pensions and how this can affect their clients. Do your solicitor connections understand the changes to death...

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    News

    Blog

  • Death benefits: discretion or direction? - Royal London for advisers

    ...to someone. The process of choosing who the beneficiary(ies) can either involve the scheme administrator using their discretion, or the member directing the choice before their death. The way the choice is made can affect the inheritance tax (IHT) payable on the benefits. Discretion The member can...

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    Information and guidance

  • HMRC Inheritance Tax Manual - Royal London for advisers

    . Inheritance Tax Manual Royal London is not responsible for the content of external websites. IHTM17001 Introduction IHTM17011 Examining form IHT409 IHTM17020 Types of pension scheme IHTM17030 Pension scheme benefits IHTM17035 IHT exclusions IHTM17041 IHT charges IHTM17081 Relevant property charges...

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    Pension freedom

    Auto enrolment

    Information and guidance

    ...

  • OTS simplification of inheritance tax - Royal London for advisers

    OTS simplification of inheritance tax In July of this year, following its first report in November 2018, the Office of Tax Simplification (OTS) published its second report on the simplification of inheritance tax (IHT). This report sets out a number of recommendations for 'a more coherent...

  • Residence nil-rate band part 1 - Royal London for advisers

    Residence nil-rate band part 1 On the 6 April 2015 the residence nil-rate band (RNRB) was introduced. This is an additional threshold for inheritance tax (IHT) planning above the current £325,000 threshold. Key facts The residence nil-rate band (RNRB) was introduced with effect from 6 April 2015...

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    Personal

  • Residence nil-rate band - Royal London for advisers

    Residence nil-rate band On the 6 April 2015 the residence nil-rate band was introduced. This is an additional threshold for inheritance tax (IHT) planning above the current IHT threshold. Tax rate Residence nil-rate band increase 2020/2021 £175,000 2019/2020 £150,000 2018/2019 £125,000 2017/2018 £100,000     Share Share...

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    Rates and factors

  • Residence nil-rate band part 2 - Royal London for advisers

    Residence nil-rate band part 2 In part 1 we outlined the main rules for the new residence nil rate band (RNRB), an additional threshold for inheritance tax (IHT) planning. It is fair to say a simple concept has turned out to be a complex reality, which raises a number of planning questions...

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    Personal

  • Death benefits - Royal London for advisers

    ...the deductibility of debts in certain circumstances.  Here we explain the changes. Deductibility of debts for Inheritance Tax On the 6 April 2015 the residence nil-rate band (RNRB) was introduced. This is an additional threshold for inheritance tax (IHT) planning above the current £325,000...

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    Information and guidance

  • Business protection - Shareholder protection – Wills - Royal London for advisers

    ...should write wills. Their shares will typically qualify for 100% business property relief for IHT purposes. A discretionary trust will allow a range of beneficiaries to get benefits from the trust. A bypass trust is a discretionary trust where the shareholder’s children and spouse/civil partner...

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    Business

    Key Person Cover

    Loan protection

  • Key person protection – Shareholder protection - Tax implications - Royal London for advisers

    , this represents a reciprocal commercial arrangement. So there’s no element of gratuity or gifting. What are the implications of using a discretionary business trust? The trust is subject to the ‘relevant property’ regime applying to discretionary trusts. This can result in immediate inheritance tax (IHT...

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    Business

    Key Person Cover

    Loan protection

  • Why is Staveley important for advisers when it comes to transfers? - Royal London for advisers

    . There was another element to the case involving omission to act but this isn’t relevant now due to a change in the law. What’s the impact for your clients? Their beneficiaries may have an IHT bill if they die within 2 years and the transfer happened while they were in ill health.  The FTT made a comment...

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    News

    Blog

  • Life cover for life - Royal London for advisers

    Life cover for life Jennifer Gilchrist 9 May 2016 When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax (IHT) planning tool for high net worth clients. And it’s really not surprising they’ve been pigeon-holed in that way, because...

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    Blog

  • Inheritance tax - Royal London for advisers

    ...the residence nil-rate band (RNRB) was introduced. This is an additional threshold for inheritance tax (IHT) planning above the current £325,000 threshold. Here we explain how this works. Residence nil-rate band part 1 Residence nil-rate band part 2 Gifts made to anyone from your client’s estate are exempt from...

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    Personal

  • Pre Budget Report 2007 - Royal London for advisers

    ...scheme) has been made in the last 2 years, or is about to be paid. 9 October 2007 Inheritance Tax and Alternatively Secured Pension If the IHT nil-band rate was not fully used when the original scheme member died, the same proportion that was unused can be added to the nil-rate band in force...

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    Information and guidance

  • Frequently asked questions – death benefits - Royal London for advisers

    )? On death after age 75, any death benefits are subject to income tax at the marginal rate of the beneficiary. The option to take a PCLS dies with the individual. If an individual directs who is to receive any benefits on their death rather than using discretion, are there any inheritance tax (IHT...

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    News

    Blog

  • 3rd Party Contributions - Saving for future generations pt I - Royal London for advisers

    ) then up to 100% of those earnings could be paid. If he was a higher rate taxpayer, Mark could claim higher rate tax relief based on his tax situation, not Lucy. Inheritance tax The contributions are classed as gifts for IHT purposes but the usual exemptions apply. £3,000 can be paid as an exempt...

  • Retirement planning for future generations - Royal London for advisers

    ...commercials) then up to 100% of those earnings could be paid. If he was a higher rate taxpayer, Mark could claim higher rate tax relief based on his tax situation, not Lucy. Inheritance tax The contributions are classed as gifts for IHT purposes but the usual exemptions apply. £3,000 can be paid...

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    News

    Blog

  • Deductibility of debts for Inheritance Tax - Royal London for advisers

    ...this.  For example But . . . For example, prior to the change, if someone borrowed money to buy shares in a private limited company and the loan was secured on their home, that loan would be deductible from the value of their home in calculating their IHT liability.  There was no contrived attempt to avoid...

  • Pension death benefits in trust case study - Royal London for advisers

    ...as this could form part of any divorce settlement. Henry’s adviser discusses using a flexible trust to receive the death benefits when he dies. The trust is set up during Henry’s life with a nominal gift of £10. This gift would normally fall under one of the inheritance tax (IHT) exemptions so no IHT would...

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    Case studies

  • Our trusts - Royal London for advisers

    Our trusts Business trust Used for a business protection plan (partner, member and shareholder protection) that’s being set up as an own life in trust arrangement. Gift trust Used for family protection or inheritance tax (IHT) planning and helps to avoid probate delays. Relevant life trust Used...

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    Trusts

    Business protection

  • Why choose our Pegasus Whole of Life Plan? - Royal London for advisers

    ...inheritance tax (IHT), providing for their families after they are gone or making sure their businesses are protected against their death.  We'll make it easy for you to offer a first class experience to your clients. Benefits of our Pegasus Whole of Life Stay flexible – your clients can increase...

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    Whole of life

  • Defined benefit transfers and the lifetime allowance - Royal London for advisers

    ...to 25% of the standard LTA. So he would receive £257,500. He could choose to take the excess of £440,000 as a lump sum or income. A lump sum is taxed at 55% so he’d receive £198,000 into his bank account with no further income tax charge. But that cash is now part of his estate for inheritance tax (IHT...

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    News

    Blog

  • Latest Royal London updates - Royal London for advisers

    ...or injury. Helping solicitors with inheritance tax and pensions Jun 10 2019 Clare Moffat looks at how you can help solicitors understand the implications of IHT on pensions and how this can affect their clients. New FCA rules on pension transfer values set to shake up transfer market Dec 3 2018 Our...

  • Business protection - Partnership and membership protection - Royal London for advisers

    ...is tax efficient. In particular it’s important to make sure full advantage is taken of any business property relief (BPR) that may be available for inheritance tax (IHT) purposes. BPR is a valuable relief which is available on transfers of business property. It’s subject to certain conditions being...

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    Business

    Key Person Cover

    Loan protection

  • Death benefits from April 2015 - Royal London for advisers

    ...the choice is made can affect the inheritance tax (IHT) payable on the benefits. You can find out more about this in our article - Death benefits: Discretion or direction? Q1. If a 70 year old dies while in a drawdown pension, can their 80 year old friend Joyce, who is the named beneficiary...

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    Information and guidance

  • During your client meeting - Royal London for advisers

    ...calculator Calculates any potential IHT liability based on your client's assets and liabilities. Income shortfall calculator Use this calculator to show your clients how Income Protection could help them avoid a shortfall in their monthly income if they’re too ill to work. Maximum income calculator Work out...

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    Tools and support

  • 3rd Party Contributions - Saving for future generation pt II - Royal London for advisers

    ...or the ‘normal expenditure from income’ exemption. The annual IHT saving would be 40% x £2,880 (pension contribution) = £1,152. Is Martin missing a generation? Saving for grandchildren is a great idea but Martin could also help his daughter Maria. She has an adjusted net income of £55,000. This means that she...

  • Autumn Statement 2015 - Royal London for advisers

    ...individuals affected by the reduction in the annual allowance from 6 April from increasing contributions before the reduction applies.  However, as no such measures were included it still makes sense for those affected by the reduction to review their contributions before 6 April 2016.   IHT and undrawn...

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    Information and guidance

  • Saving for future generations: a case study - Royal London for advisers

    . Martin could use his annual exemption or the ‘normal expenditure from income’ exemption. The annual IHT saving would be 40% x £2,880 (pension contribution) = £1,152. Is Martin missing a generation? Saving for grandchildren is a great idea but Martin could also help his daughter Maria. She has...

  • Details of our Pegasus Whole of Life Plan - Royal London for advisers

    ...their cover for inheritance tax (IHT) planning or to cover an increase in their business’s value or certain business liabilities. However, if your client wants to increase the amount of their cover for any other reason, they may need to supply medical information. We won't pay a claim if: The claim...

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    Whole of life

  • It’s all about trusts - Royal London for advisers

    ...on the estate. If a claim for £100,000 of life cover is made, and the plan is not in trust, the sum assured will pass into the client’s estate. If the value of their estate, including the £100,000 payout, is sufficiently large, they’ll pay Inheritance Tax (IHT) at 40% on every £1 above the current IHT...

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    Trusts

    Blog

  • Death benefits pre 6 April 2015 overview - Royal London for advisers

    , there was not normally any liability to inheritance tax (IHT) so long as the trustees decided who the lump sum was to be paid to and the lump sum death benefits were not paid to the deceased member's estate. If the member was 75 or over at date of death, the whole lump sum was subject to a 55% tax charge. IHT...

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    Information and guidance

  • Financial underwriting limits - Royal London for advisers

    ...insurers. Select product type Personal Menu Plan Business Menu Plan Relevant Life Plan Select cover type Life Cover Critical Illness Cover Life or Critical Illness Cover Income Protection IHT Mitigation Life Cover Critical Illness Cover Life or Critical Illness Cover Income Protection Key Person Income...

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    Underwriting

  • Business protection - Shareholder protection - Royal London for advisers

    ...to exercise their option, the other party must comply. Options can only be exercised after death and there will be a specific option period. Does a cross option agreement jeopardise IHT business property relief? No. If someone dies owning shares in an unquoted trading company, 100% business property relief...

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    Business

    Key Person Cover

    Loan protection

  • Childrens pension - Royal London for advisers

    , combined with the pleasure of helping their child build a bigger pension, this transfer potentially reduces the size of their estate for inheritance tax purposes provided it satisfies one of the tests for exclusion from IHT.  This includes a gift made more than seven years before the donor dies...

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    News

    Blog

  • Rysaffe Principle - Royal London for advisers

    ...on consecutive days. The principle is that by establishing a series of smaller trusts rather than just one, you can reduce the impact of the 10-yearly periodic charge and exit charge by benefiting from a nil-rate band for each individual trust. The benefit of doing this reduces the IHT payable...

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.