Budget 2012 Overview
Summary
The Chancellor presented his third full Budget since the coalition Government took power on Wednesday, 21st March.
Billed as ‘the budget for working people’ with a promise to ‘back business’, Mr Osborne highlighted the Government’s commitment to three specific areas: a stable economy, a fairer, more efficient and simpler tax system and reforms to support growth. Read more →
The Office of Tax Simplification seeks overhaul of IHT and CGT
Capital gains tax (CGT), inheritance tax (IHT) and entrepreneurs’ relief could be radically overhauled as part of the Office of Tax Simplification’s (OTS) next project.
Inheritance Tax – what you need to know
Inheritance Tax (IHT) must be a good candidate for the most loathed tax in the UK. Like its predecessor Capital Transfer Tax, IHT was originally designed to hit the very wealthy. But this situation has changed considerably. It’s now more likely to be the middle classes rather than high net worth individuals who end up paying IHT. The reason for that is twofold: escalating property values and an IHT threshold that has failed to keep pace with them.
Lasting Power of Attorney, what it is and why it makes sense
Rarely is there a more sensitive time within a family than when someone close is unable to make decisions for themselves. Commonly we think of ageing parents but this could also happen to the younger generation should they suffer an accident or illness.
Don’t miss out – make the most of Inheritance Tax
According to the professional advice website, unbiased.co.uk, poor Inheritance Tax (IHT) planning will cost UK taxpayers £1.3bn this year. And with the IHT exemption threshold frozen at £325,000 for three years, it’s essential to plan ahead and avoid overpaying taxes.
