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. Is it true that people living in Scotland are going to pay less income tax? I thought they had voted to stay in the UK. A. Although you are obviously correct that the Scottish referendum confirmed Scotland’s place in the United Kingdom, the answer to your question is “maybe”. From April next year the Scottish Rate… Read more »
Q. I am in receipt of a final salary pension which used all of my Lifetime Allowance when I took benefits two years ago. I also have a retirement annuity policy relating to a period of self-employment in the 1980s. I put very little into it so was pleasantly surprised to find it now has a… Read more »
