That being said, Mr Hunt may choose to change thresholds to take into account rising house prices. At present, IHT is charged at 40% and applies to estates worth more than £325,000, (though there are various allowances that can mean it's only paid on more valuable estates). Mr H...
Today, if anybody dies before 75, their pension can be passed to their beneficiaries tax-free only if it is within the lifetime allowance limit. From next month, this limit goes. Those dying above 75 can also pass on funds free of IHT, with no limits. But heirs will face income tax ...
“A merged ISA would also help give savers more flexibility and encourage savers make more efficient use of their £20,000 ISA allowance. At the heart of all these tweaks is the need to increase public awareness and make saving simple and accessible,” he said. “However, rumours surroundin...
If you’re sitting on gains that you’ve hitherto failed todefuse– and you see little prospect of doing so now, given the already dramatically-lowered annual CGT allowance – then maybe it is rational to sell up, take your tax lumps, and reinvest into something else? Preferably within an...
The latter of the two reliefs should be abolished entirely, according to the report, while the former needs to be more focused on retirement to better incentivise investment, as it is intended.A lower CGT tax-free allowanceThe OTS also recommends reducing the annual tax-free allowanc...