Inheritance Tax Re-Introduction: 4 effective succession planning tips for HNIs
10 months, 3 weeks ago

Inheritance Tax Re-Introduction: 4 effective succession planning tips for HNIs

Live Mint  

The recent news on the re-introduction of inheritance tax has made a lot of people panic. However, inheritance tax might be only applicable to families and individuals whose estate value exceeds a certain threshold limit. The reduced estate value may fall below the threshold that triggers inheritance taxes, or at least lower the total tax liability,” said Sneha Makhija - Head of Wealth Planning, Sanctum Wealth. “Under the now-abolished Estate Duty Act of 1953, irrevocable trusts offered a way to reduce potential estate tax burdens. “HUFs offer tax efficiencies in wealth management and intergenerational transfer, as typically no inheritance taxes apply within the family unit,” said Siddharth.

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History of this topic

Inheriting is becoming nearly as important as working
1 month ago

Inheriting is becoming nearly as important as working

Live Mint  

Work hard, children are told, and you will succeed. Whether a young person can afford to buy a house and live in relative comfort is determined by inherited wealth nearly as much as it is by their own success at work. And housing wealth has rocketed in recent decades, especially in apex cities like London, New York and Paris. To …

Leaving money to charity in your will: How to create a legacy and cut IHT bill
2 months, 2 weeks ago

Leaving money to charity in your will: How to create a legacy and cut IHT bill

Daily Mail  

What's your favourite charity? Cutting your inheritance tax bill Not only are gifts to charity exempt from inheritance tax, if you leave a tenth or more of your net estate to good causes you can cut the bill your beneficiaries will have to pay. 'If you plan to leave 10 per cent of your net estate to charity to qualify …

India’s uber-rich go well beyond the will
2 months, 3 weeks ago

India’s uber-rich go well beyond the will

Live Mint  

Succession planning among India’s wealthy is a subject that extends far beyond simply naming heirs and dividing assets. Popular approaches at hand The wealthy in India prefer three primary models of succession planning: wills, family trusts, and foundations. Safeguarding family enterprise For many wealthy families in India, succession planning also involves ensuring the continuity of the family business. Succession planning …

Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year
3 months, 1 week ago

Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year

Daily Mail  

Bereaved families paid a staggering £5.7billion in inheritance tax in just eight months of this year. The year-on-year increase means inheritance tax bills look likely to exceed £8billion this financial year. Families paid £7.6billion in inheritance tax in the last financial year, up from £7.1billion the year before. A series of changes announced by Chancellor of the Exchequer Rachel Reeves …

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin
4 months, 4 weeks ago

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin

Daily Mail  

Struggling farmers have accused Labour of 'lying' and said inheritance tax changes are the 'final nail in the coffin' as they react angrily to Chancellor Rachel Reeves' Autumn Budget. Andrew Smith, 56, said the move to introduce a 20 percent inheritance levy on farm assets above £1 million marks a 'betrayal' by the Labour government Mr Smith said the new …

Families face inheritance tax raid on pensions - what it means for your wealth
5 months ago

Families face inheritance tax raid on pensions - what it means for your wealth

Daily Mail  

Inheritance tax: Pensions will be included in the assets that count towards death duties from April 2027 Chancellor Rachel Reeves has launched an inheritance tax raid on savers in the Budget by making pensions liable for the levy. Pensions will be included in the assets that count towards 40 per cent inheritance tax from April 2027, throwing family legacy plans …

Inheritance tax already up 10 per cent as Reeves looks to squeeze levy in Budget, official figures show
5 months, 1 week ago

Inheritance tax already up 10 per cent as Reeves looks to squeeze levy in Budget, official figures show

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Britons are already …

Rachel Reeves warned inheritance tax plans will backfire
5 months, 1 week ago

Rachel Reeves warned inheritance tax plans will backfire

The Telegraph  

The Labour manifesto promised that the party would “not increase taxes on working people” and Ms Reeves now appears to be struggling to raise enough within those constraints. The Chancellor is also expected to target inheritance tax in the budget by attempting to raise £1billion by removing exemptions for businesses and agricultural land. Nullifying the change However, Maxwell Marlow, director …

Labour considering inheritance tax raid to ‘redistribute’ wealth
8 months, 4 weeks ago

Labour considering inheritance tax raid to ‘redistribute’ wealth

The Telegraph  

The number of estates subject to inheritance tax is projected to increase by 50 per cent in the next five years, as the thresholds at which the tax is payable have been frozen while house prices continue to rise. The Telegraph has previously reported that, at the same meeting, he was recorded saying that Labour’s green energy plans would cost …

An inheritance tax will help reduce inequality
10 months, 3 weeks ago

An inheritance tax will help reduce inequality

The Hindu  

A remark by Chairman of Indian Overseas Congress Sam Pitroda on implementing an inheritance tax as a tool of wealth redistribution has sparked massive debates. An inheritance tax differs from a wealth tax in two ways: it is intergenerational and levied once in a lifetime. A variant of the inheritance tax, called estates duty, was levied in India between 1953-1985 …

The case for inheritance tax: Combating inequality and promoting social mobility
11 months ago

The case for inheritance tax: Combating inequality and promoting social mobility

The Hindu  

Published : Apr 30, 2024 19:22 IST - 10 MINS READ A feature of the ongoing election to the 18th Lok Sabha is an extraordinarily communal campaign led by Prime Minister Narendra Modi. If the top inheritance tax rates in the US and the UK were about 20 per cent in the 1930s, they were raised to 70-80 per cent …

Zerodha's Nikhil Kamath backs inheritance tax? Old video goes viral: Watch
11 months, 1 week ago

Zerodha's Nikhil Kamath backs inheritance tax? Old video goes viral: Watch

Hindustan Times  

Zerodha co-founder Nikhil Kamath backed inheritance tax as he reflected on the need for wealth redistribution when assets are passed down from one generation to the next in an old video which was widely shared on social media. Zerodha's Nikhil Kamath advocated for inheritance tax as a means of wealth redistribution. There is plenty of precedence to inheritance tax.” Watch …

Can you avoid tax with a trust? HEATHER ROGERS debunks some common myths
1 year, 1 month ago

Can you avoid tax with a trust? HEATHER ROGERS debunks some common myths

Daily Mail  

Heather Rogers is the founder and owner of Aston Accountancy and This is Money's resident tax expert. They manage the trust, prepare the tax returns, pay the tax liabilities, and decide how best to invest or use the trust's assets. A transfer of assets into a bare trust does not give rise to an inheritance tax charge on the settlor …

Rishi Sunak ‘considering scrapping inheritance tax’ ahead of general election
1 year, 3 months ago

Rishi Sunak ‘considering scrapping inheritance tax’ ahead of general election

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rishi Sunak is …

Jeremy Hunt considering squeezing benefits while cutting inheritance tax
1 year, 4 months ago

Jeremy Hunt considering squeezing benefits while cutting inheritance tax

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Conservative former chancellor Lord Clarke said the move may …

Can I keep my house in the family despite an inheritance tax bill?
2 years ago

Can I keep my house in the family despite an inheritance tax bill?

Daily Mail  

I would like to leave my house to my grandson but as it stands at the moment financially he would not be able to pay the inheritance tax. This can cause a financial headache for the person dealing with the estate, as it means money must be found to pay the inheritance tax bill before probate is granted and the …

How does inheritance work in the royal family?
2 years ago

How does inheritance work in the royal family?

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about …

Jeremy Hunt move will make more people pay inheritance tax
2 years, 4 months ago

Jeremy Hunt move will make more people pay inheritance tax

The Telegraph  

Jeremy Hunt is set to announce a new tax raid on inheritance as he battles to balance the books at next week’s Autumn Statement. The Chancellor and Rishi Sunak are understood to have agreed to freeze the threshold above which people must pay tax for another two years. It means that more people will have to pay inheritance tax. A …

Can I cut a property inheritance tax bill once probate has begun?
2 years, 11 months ago

Can I cut a property inheritance tax bill once probate has begun?

Daily Mail  

My family were forward thinking and took as many steps as we could to reduce the inheritance tax bill before my parents passed away. There are several ways to reduce your inheritance tax bill once the probate process has begun MailOnline Property expert Myra Butterworth replies: While measures may have been taken while your parents were still alive to minimise …

How to pass on inheritance to your children
3 years, 5 months ago

How to pass on inheritance to your children

LA Times  

Gift and estate taxes only affect very wealthy families, those who give away millions of dollars in their lifetime, and gifts are tax-free to the recipients. Answer: As mentioned earlier, Medicare Advantage plans are offered by private insurers as an alternative to traditional Medicare. For example, if your Medicare Advantage plan is a preferred provider organization, you may indeed have …

Succession Planning
4 years, 8 months ago

Succession Planning

Live Law  

PART - I "Your name is my name, my name is yours, everything is our's, equally" One of the main objectives of an Inheritance tax is to prevent accumulation of wealth in the hands of few people, thus reducing the economic disparity between the rich and the poor, a kind of "Robin-Hood Taxation". A Will is a required document when …

Budget 2019: Is it feasible to reintroduce inheritance tax in India?
5 years, 8 months ago

Budget 2019: Is it feasible to reintroduce inheritance tax in India?

India Today  

As Nirmala Sitharaman gets ready to present her maiden budget on July 5, speculation is rife that inheritance or estate tax may make a comeback. For instance, the rich donate a substantial amount towards charity at present and the introduction of inheritance tax could lead to a declining trend in such donations. One may argue that developed countries such as …

Budget 2019: Finance ministry may eye rich pickings with an estate tax
5 years, 8 months ago

Budget 2019: Finance ministry may eye rich pickings with an estate tax

Live Mint  

New Delhi: As the government prepares to present its first budget with an expected slant on welfare spending, finding the money for it may become easier if a proposal debated in the finance ministry in recent weeks finds acceptance—an inheritance tax. Though hard to administer and a move that may risk alienating the rich, an inheritance or estate tax that …

Is it viable to reintroduce estate tax in the upcoming budget?
5 years, 8 months ago

Is it viable to reintroduce estate tax in the upcoming budget?

Live Mint  

Ahead of the Union budget later this week, there is speculation that the government may reintroduce inheritance or estate taxes in order to enhance tax revenue and improve tax parity. Ashwini Kumar Sharma asked four experts how viable it is to reintroduce inheritance tax in India, whether it will boost tax collection, and how it can impact taxpayers Abhishek A …

If we’re serious about tackling wealth inequality, we need to tackle aristocratic trust funds
7 years, 4 months ago

If we’re serious about tackling wealth inequality, we need to tackle aristocratic trust funds

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Given the current rules state that …

Ten ways to avoid inheritance tax legally
7 years, 5 months ago

Ten ways to avoid inheritance tax legally

Daily Mail  

Inheritance tax at 40 per cent is paid by a relatively small but growing number of people's estates. If you die before the seven years are up, inheritance tax is levied on a sliding scale - starting at the full whack of 40 per cent if it's within the first three years. However, trustees have to assess the holdings for …

One of Britain's richest men inherits billions and avoids paying inheritance taxes
7 years, 5 months ago

One of Britain's richest men inherits billions and avoids paying inheritance taxes

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The late Duke’s daughters, Lady Tamara van Cutsem, 37, Lady …

Many heirs to a fortune? Plan in advance
8 years, 4 months ago

Many heirs to a fortune? Plan in advance

Live Mint  

That lack of succession planning can lead to the disintegration of families is part of lndian lore. “Succession planning provides an orderly framework for the transfer of assets and family values from one generation to the next, ensuring that the business remains with the family for generations,” says Soumya Rajan, chief executive officer, Waterfield Advisors, a boutique firm that offers …

With love, from grandma and grandpa
8 years, 10 months ago

With love, from grandma and grandpa

Live Mint  

Most people wish to leave a legacy behind after they are gone. A private Trust can help in addressing this issue as even if the grandparent or settler dies when the beneficiary grandchild is a minor, the money would continue to be managed in the Trust till the child reaches an age where she is wise enough to handle the …

'I don't want the government spending my money when I'm dead': Ultimo boss Michelle Mone says inheritance tax must be axed
11 years ago

'I don't want the government spending my money when I'm dead': Ultimo boss Michelle Mone says inheritance tax must be axed

Daily Mail  

'I don't want the government spending my money when I'm dead': Ultimo boss Michelle Mone says inheritance tax must be axed Multimillionaire businesswoman says death taxes are unfair Has written a will to give her three children cash in stages Insists she has already been taxed on her earnings in life David Cameron hints Tories will increase threshold to £1million …

Union Budget 2013: Inheritance tax may make a comeback
12 years, 1 month ago

Union Budget 2013: Inheritance tax may make a comeback

Firstpost  

By Hiten Kotak and Jinesh Shah Inheritance tax, the erstwhile estate duty, is looking at making the proverbial ‘comeback’. Also, along with the inheritance tax, the gift tax would have to be reintroduced simultaneously or else it would be easy to avoid inheritance tax by giving away property as gifts. In order to avoid a lengthy legislative process, it may …

Why India needs a tax on inherited wealth
12 years, 2 months ago

Why India needs a tax on inherited wealth

Live Mint  

Recent comments from two of India’s most influential voices on policy, finance minister P. Chidambaram and Prime Minister’s economic advisory council chairman C. Rangarajan, on taxing the super-rich have sparked a debate on the issue. Much depends on which kind of tax is imposed and how it is designed.NextMAds Of all the ways to raise taxes on the extremely wealthy, …

Budget 2013: Why Inheritance tax means more money down the drain
12 years, 2 months ago

Budget 2013: Why Inheritance tax means more money down the drain

Firstpost  

There is some talk of the reintroduction of inheritance tax in budget 2013. Now that P Chidambaram has reopened the debate on the reimposition of estate duty – the so-called death tax on wealth inherited by the progeny of the rich – it is worth looking at the issue at length. In fact, this was the exact experience in the …

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