Tag Archive: inheritance tax

Inheritance Tax Planning Tips

Posted 14th November 2023 at 3:57 pm

With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever families are needing to plan for their future. Inheritance tax could take a large proportion of your wealth – 40% of everything above £325,000 – and stop your family members enjoying the results of your hard work. Avoiding or reducing inheritance tax is possible if you have expert advice and plan accordingly. Below are three essentials to mitigate inheritance tax.   Talk to your family The first step towards a successful inheritance plan for all families is communication. Talk to your spouse,... Read more

Do you pay tax on Prize Money?

Posted 9th March 2021 at 11:42 am

If you’re lucky enough to win big money, your first thought is unlikely to be about your tax responsibilities, but more likely to be about how you’re going to spend it!   At some point down the line, however, it is of course important to consider the tax implications of winning money. Fortunately, the rules are not too complicated if you win money that is unrelated to your profession – for example from gambling, the lottery or a radio phone-in competition. In these circumstances, you do not have to pay tax.   If, however, you win a prize or award... Read more