There are tax advantages in passing on wealth during lifetime, especially if the parent is UK domiciled or has assets in the UK subject to Inheritance Tax.
Death is no joke, but as with most situations in life we can find an element of humour in the inevitable. We hope you enjoy our light-hearted humour section!
There are a number of legal and financial tasks and responsibilities to complete when a person passes away. These are termed “Administering an Estate” and one of these requirements is to apply for a ‘Grant of Probate’.
Professional landlord planning makes it possible for the client's portfolio to be free of Inheritance Tax in three years; without triggering any charges to Stamp Duty or Capital Gains Tax and without having to remortgage. Furthermore, mortgage interest relief can be claimed against Corporation Tax. The process takes three years.
Sue and her son John had the legal power they needed to take control during this incredibly difficult time because they had the foresight to set up a Lasting Power of Attorney. Because her finances were uninterrupted, Sue made medical decisions on Alan’s behalf and had the freedom to make his life as comfortable as possible.
HMRC state in their manual that “an individual might genuinely believe he or she is domiciled in a particular territory, but objective analysis of the facts could prove that belief to be wrong.
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