Tag: Expat Retirement

What happens if I don’t pay IHT?

The standard Inheritance Tax (IHT) rate in the UK is 40%. IHT must be paid by the executor on the net worth of the deceased person’s estate above the tax-free threshold of £325,000 per single person or £650,000 per couple. However, paying Inheritance tax is not always a straightforward matter, particularly if the amount due…
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Locating important documents when someone dies: How to find a Will

Locating the important documents of somebody who has just died is often a cause of additional stress and anxiety for family members. The first and most important of documents needed at this time is the Will, which specifies how the estate will be divided after the Testator’s death. Locating a Will and other important Estate…
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Estate Planning Checklist

Estate planning checklist

A complete estate plan not only takes into account your belongings and property but also your relatives and loved ones. By planning ahead, you can minimize future stress on those closest and help ensure your wishes are carried out. An estate planning checklist will remind you of the decisions you’ll need to make when implementing…
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When start saving for retirement

When should I start saving for retirement?

The answer is simple: start saving for retirement as soon as you can. Ideally, you’d start saving not long after you begin earning money. That’s because the sooner you begin saving, the more money you’ll have in your retirement fund and the more time your money has to grow. If your savings are invested, each…
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Private Pensions and IHT

Frozen IHT tax thresholds and soaring property prices put more and more families at risk of hefty IHT bills. In fact, in the tax year 2021/2022 HMRC collected £6.1 billion in death duties, which equals £700 million or 13% more IHT than in the previous year. This makes it even more important that you organise…
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Imagine Retirement Starts Tomorrow

If you were asked how much money you would need to keep the lifestyle that you enjoy for the next year, how would you reply? Let’s change that a little and now ask yourself if you were going to write yourself one cheque and the money that you gave yourself had to last you for…
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£6.1 bn of Inheritance Tax collected by HMRC in 2021/22

In the 2021-22 financial year, taxpayers paid £700 million or 13% more IHT than in the previous year. A staggering increase, which was largely driven by rapidly increasing UK property prices and not helped by the recent freezing of the IHT thresholds until 2026. It’s these factors that make more and more families see the…
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IHT Calculator

Calculate Your Inheritance Tax – IHT Calculator

Inheritance tax (IHT) is paid on what you leave behind to your heirs, who could pay as much as 40% tax on what they inherit. Estimate the value of your estate and how much inheritance tax may be due on your estate when you die with our IHT calculator below. Related: What is an estate…
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What exactly is an estate?

Inheritance tax (IHT) is a tax applied to individual estates that are worth over £325,000 – or more if a home or the sale proceeds of a home are included when anybody with the UK sited assets passes away. The regular rate for IHT is 40% above the thresholds of £325,000 for a single person,…
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IHT mistake

The biggest IHT mitigation mistake you can make

Out of the 22,100 estates that paid inheritance tax in 2018/19, over 6,000 of them paid inheritance tax on proceeds of life insurance policies that the deceased owned. The value of those life insurance policies came to a total of £709 million, which means more than £280 million of inheritance tax may have been paid…
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