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IHT Spouse Exemption – Key Facts You Need to Know

Spouse Inheritance

When it comes to writing your Will and planning division of your estate, it’s important to have a good understanding of UK inheritance tax laws. Making the right financial decisions now will not only ensure financial security for your spouse, but will also future proof your assets for children and other dependants. In this post, we’ll examine inheritance tax rules and exemptions for spouses and civil partners, and look at what happens when the surviving partner is non domiciled.

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IHT Compliance Checks by H. M. Revenue and Customs

H.M. Revenue and Customs Building

According to recent information released by HMRC more than 5,000 inheritance tax cases are opened for investigation each year representing about one quarter of estates that pay inheritance tax.

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Financial Provision Claims

Family Funeral

Where a person thinks a valid will or intestacy has resulted in unfairness he or she might consider making a claim under The Inheritance (Provision for Family and Dependants) Act 1975 – commonly known as the 1975 Act. The categories of claimants under the 1975 Act include husbands and wives and civil partners of the person who dies; anyone who for the last two years of the deceased’s life was living in the same household as their husband or wife; a child or a child treated as a child of the family; or any person who immediately prior to the death was being maintained by the deceased.

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Contested Estates

Contested Estate

The number of inheritance disputes reaching court appears to increase each year. Often cases attract media attention with great human drama stories. The reality is usually more mundane. Changes in society mean that there are more complex family structures in place and this can make the division of assets between first, second and even third families seem contentious and create feelings of ill will.

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Is a Power of Attorney a Good Idea?

Power Of Attorney

It certainly is according to recent reports from financial advisers and dementia charities.

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