Being a grandparent is an exciting time of life. You get all the enjoyment of doing fun activities with your grandchildren but can hand them back at the end of the day. Part of that pleasure is knowing that you can help them financially.
Inheritance tax (IHT) has existed in the UK for over 300 years. In its current form, it was brought in to replace the old Capital Transfer Tax; a measure that was brought in itself as a form of wealth distribution in order to regulate disparity between rich and poor.
In 2007, there were 254,000 older people living in private rented accomodation. If things continue the way they’re going, they estimate that over a third of those over 60 will be privately renting by 2040.
A national saving and investment survey has shown only 7% of people have spoken to their parents about inheritance.
If you are at or near retirement, it could be that your thoughts are increasingly turning towards your families future and how you can help them.
When someone dies and leaves a will, an executor is usually appointed in the will to deal with the deceased person’s estate.
Despite having a will in place being the accepted way to leave details about your inheritance, the number of people without one is very high.
The changes to inheritance tax that were introduced in the 2015 Budget will soon come into effect, with some becoming the law as early as April 2017.
“Sort the finances out” is a popular New Year’s Resolution, but that’s a little vague. So we look at 10 resolutions you can make and stick to.
The Chancellor looked confident and relaxed, as well he might with the support of a Conservative majority behind him. It would, he said, be ‘a Budget for working people, as Britain looks to create a higher wage, lower tax, lower welfare country.’