Q. My Parents have recently retired but are contemplating working part time to pay the remaining mortgage off. My Wife and I are in a position to repay this fully to help them out, but how will this affect our inheritance and will we become owners of my parents home? A. You can indeed pay… Read more »
Q. I was always under the impression that gifts made more than 7 years before you died were ignored for Inheritance tax purposes, but a friend of mine has told me it has changed and it now 14 years, is that correct? A. No, the rules have not changed, but there is a particular situation… Read more »
Q. I am thinking of buying a property to rent out but have been reading that the tax status is going to change soon. Can you explain this please? A. You are correct; there are changes afoot with tax relief on buy to let properties. Under the changes, landlords will be unable to deduct the… Read more »
Q. We are considering making a substantial ‘gift’ to one of our daughters, she is wanting to purchase a house and like many grandparents and parents we want to assist while we are alive and would like to see her get some pleasure out of the gift. My query is about Inheritance Tax (IHT). I am… Read more »
Q. I have had two investment Individual Savings Accounts (ISAs) for many years. When I was looking at the most recent statements, I noticed that one has “units” and the other has “shares”. What is the difference? A. This is a straightforward question, and the short answer could be that there may be very little practical difference…. Read more »
