Finance Minister Rachel Reeves in her October budget to confirm that it would be abolished from April 2025, and that all long-term residents would be subject to inheritance tax (IHT) on their worldwide assets, including those held in trust. Karen Gilchrist, CNBC, 24 Jan. 2025 The plan ...
While there are many exceptions and exemptions for inheritance taxes, especially for spouses and children, residents with significant assets in a state with an inheritance tax may still want to minimize the exposure for their heirs. One common strategy is to buy a life insurance policy equal to ...
Now to the “bedroom tax” or to give it it’s Sunday name, “spare room subsidy”. Social housing residents affected by the UK Government’s“bedroom tax” may be able to appeal depending on the size of their spare room, after a tribunal ruled the size of a room has to be taken ...
That’s because contrary to almost everything else in the IRS rule book, the gift tax is really designed to let most people give money or other valuables—up to a point—without owing any tax. For 2024, the basic allowable (that is, non-taxable) gift amount is $18,000 per year, per...