HOW TO AVOID THE INHERITANCE TAX TRAP!!!
Today’s article in the Telegraph on beloved actor Rik Mayall’s highlights the common misconception that one’s estate passes on in its entirety to one’s surviving spouse on death in the absence of a valid Will. Not only is the lack of a Will most likely to be bring about avoidable (and sometimes terrifyingly contentious) disputes amongst the
Read MoreTAX RULES: JOINTLY HELD ASSETS BY MARRIED COUPLES OR CIVIL PARTNERS
Background It is common for married couples to own assets in joint names. Income arising from jointly held assets is treated for tax purposes as divided equally between husband and wife, subject to rules relating to shares in close companies. It is also possible for the married couple to make a declaration setting out the
Read More