Q. My wife and I have been informed that we stand to inherit a significant amount following the death of my wife’s aunt (who had no children and left her entire estate to us). My wife and I undertook some tax planning a few years ago, as our estate was already valued in excess of our… Read more »
Q. I have heard a rumour that the income tax personal allowance is set to be increased to £10,500 in the forthcoming Autumn Statement. Is this correct? A. There is no telling what measures the Chancellor, George Osborne, will announce when he delivers his Autumn Statement (and there has been an unusual lack of advance briefing ahead… Read more »
Q. My brother (who was single) died recently, leaving his estate to me (his only sibling) and my two sons. By far the biggest asset in his estate is his house, which was mortgaged. I also stand to benefit from a life assurance policy that my brother had written in trust for me, which he intended… Read more »
Q. I am an executor of my late father’s estate. I had his house valued for inheritance tax (IHT) purposes and paid IHT based upon that valuation. Although the house took a long time to sell, I eventually sold it for almost £35,000 more than the original valuation. Should I inform HMRC of the actual sale… Read more »
Q. I have heard a rumour that the married couples income tax allowance is set to be re-introduced. Is this true? A. Yes, although we will have to wait for the final details and implementation date. The Prime minister, David Cameron, recently unveiled plans to introduce a married tax allowance that is estimated to be worth as… Read more »
