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Inheritance tax reductions ahead of potential reform

Inheritance tax reductions ahead of potential reform

Inheritance tax (IHT) will be slightly reduced for some from 6 April 2019, but greater reforms may arrive soon. The IHT residence nil rate band (RNRB) increases by £25,000, bringing it to £150,000 for the 2019/20 tax year. In theory that means a married couple can pass on up to £950,000 (2 x nil rate band of £325,000 + 2 x RNRB of £150,000) to their heirs free of tax. In practice matters are much more complicated, as eligibility for the RNRB comes with a variety of conditions

Happy birthday to tax-free savings

Happy birthday to tax-free savings

The arrival of the new tax year on 6 April means it is time to consider your Individual Savings Accounts (ISA) investments, which will celebrate their 20th birthday in April. Over the last 20 years, the maximum annual contribution has risen from £7,000 per tax year to £20,000 for 2019/20. If you managed to set aside the maximum each tax year since 1999/2000, you would now have placed over £205,000 into ISAs and largely out of HMRC’s reach. The relatively simple single investm

Preparing for the new tax year

Preparing for the new tax year

One of the few certainties about 2019 is that the new tax rates and thresholds will take effect from the start of the 2019/20 tax year on 6 April. Whilst the focus tends to be on year-end tax planning at this time of year, it is important to look forward to the new tax year and the changes that it will bring. From 2019/20 changes will come into effect for key income tax rates and thresholds, as well as pensions. There are two inflation-busting income tax changes: The personal

Protecting the state pension for stay-at-home parents

Protecting the state pension for stay-at-home parents

An issue concerning how the high income child benefit charge (HICBC) can potentially affect stay-at-home parents has emerged. The HICBC claws back child benefit payments where either parent has income over £50,000 a year, and removes the benefit entirely if either parent has income over £60,000. For couples where one person earns over £60,000 whilst the other stays at home to look after children, it can appear that it is not worth claiming a benefit that is completely withdra

Money pouring in to VCTs, despite the risks

Money pouring in to VCTs, despite the risks

Investment in venture capital trusts (VCTs) is continuing to rise as we head in to 2019/20. VCTs have been growing in popularity in recent years, as the graph shows*. Nearly £750 million was invested in VCTs in 2017/18, the highest figure since 2005/06, when the rate of income tax relief was temporarily boosted to 40% (against the current 30%). There were two main reasons for the surge in popularity in the past couple of years: The restrictions on the pension lifetime allowan

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