Just a quick heads-up people – the deadline for submitting your electronic deadline is fast approaching – 23.59 hours on Tuesday 31st January 2012. This is the deadline for submitting your electronic return (paper returns were due in by 31st october 2011) for the 2010/11 tax year. It’s also the deadline for payments due in […]
Hey folks – it’s that great time of year again when we all panic about getting our tax returns in to HMRC (those of us who complete a tax return that is).
In this second part of a three part series we will consider the main allowances and reliefs which can be used to reduce your liability to Inheritance Tax.
The Nil Rate Band currently stands at £312,000 – on the first £312,000 of your net taxable estate IHT is payable at 0% – hence the name “Nil Rate Band”.
In the first of a three part series we will consider Inheritance Tax – a tax previously deemed to be paid by “those who trust their heirs less than they trust the government”!
In part one we will consider what the tax is, how much is payable and the situation facing married couples.