Addicus Chartered Accountants | Statutory Auditors – Poole Dorset Manchester Hampshire

ADDICUS CHARTERED ACCOUNTANTS & STATUTORY AUDITORS | POOLE, MANCHESTER, HAMPSHIRE, LONDON | 0800 1707 800

  • Home
  • Who We AreGet To Know Us
  • What We DoOur Services
  • What’s NewNews and Views
  • IncomingMaking Tax Digital
  • Contact UsSay Hello

What’s New

19-01-2023
Exempt transfers between siblings

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold.

In most cases, an exemption from IHT is available on assets that are passed on death to a surviving spouse or civil partner. Unlike some countries, there is no similar provisions in the UK for exempt transfers between siblings, who have lived together for many years. A new Bill that would amend the existing rules and provide relief for siblings under specific scenarios is currently making its way through the House of Lords.

This Bill, upon receiving Royal Assent, will allow a surviving sibling to benefit from an IHT exemption. The surviving sibling would need to be over the age of 30 and have lived with their sibling for more than 7 years before the date of death. For the purposes of this Bill, siblings are defined as sisters, brothers, half-sisters and half-brothers.

These changes, whilst not having an impact on many people, will offer significant benefits for those that do qualify and could help elderly surviving siblings stay in homes that they have lived in for many years. Until these changes become law, there are certain estate planning actions that should be explored if you are in a similar position. 

Source: HM Government | 16-01-2023

Back

  • Register for our email newsletter
  • Read our Blog

Contact Us

Addicus Chartered Accountants
4 The Axium Centre
Dorchester Road
Poole
BH16 6FE
Telephone: 0800 1707 800
Email:  enq@addicus.com

Addicus is a small, dynamic firm of chartered accountants and statutory auditors.

We offer a comprehensive service to both personal and corporate clients throughout the UK from our teams in Poole, Hampshire and Manchester.

What’s New

  • Changes To How We Work (Coronavirus)
  • Updated Privacy Statement and Cookie Policies
  • GDPR Update
  • ADDICUS are Moving!
  • Getting Ready To Make Tax Digital

Addicusing

23-11-2023
IHT – Giving away your home before you die

The majority of gifts made during a person's life, including gifting a home, are not subject to tax ... read more

23-11-2023
CGT - Lettings relief

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family ... read more

23-11-2023
Income Tax - £5,000 savings zero rate band

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on ... read more

More news

Quick Links

  • Tax Returns
  • Book Keeping
  • Starting a Business
  • Accountants in Poole
  • Accountants in Bournemouth
  • Accountants in Manchester
  • Who
  • What
  • What’s New
  • Legal, Privacy, Cookies
  • GDPR Statement
  • Contact

Copyright © Addicus 2021