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  • 1,500+ Business Documents - Agreement to sever a joint tenancy
    Agreement to sever joint tenancy Owning a property as joint beneficial owners means each joint owner is taxed on an equal share of income or gains derived from the property. However, if one of them dies, their share automatically passes to the others before any will comes into effect. Severing the joint tenancy and instead owning the property as tenants-in-common means that each owner is entitled to a specific share of the property which can be bequeathed to anyone they wish. Automatic transferMost couples that...
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  • 1,500+ Business Documents - IHT gift from surplus income letter
    IHT gift from surplus income letterThere is an inheritance tax exemption for monetary gifts made out of your surplus income. To demonstrate that a gift has been made out of surplus income you should send a letter with each gift you make. Write a letterKeep this IHT Gift from Surplus Income Letter with your will to help your executors when dealing with your estate (see Inheritance Tax Manual IHTM14242). 
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  • 1,500+ Business Documents - Loan waiver deed
    Loan waiver deedIf you lend someone money and later write to them releasing the debt, it will still remain part of your estate for inheritance tax (IHT) purposes. To count for IHT purposes the waiver must be made by deed. Reduce your estateWhere a loan is made between individuals, e.g. parent to child, HMRC will not accept that it has been waived and the estate of the lender reduced, unless the waiver is effected by deed. Use our Loan Waiver Deed to show HMRC that you don't wish this amount to be taken into...
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  • 1,500+ Business Documents - Record of gifts
    Record of giftsOne way to reduce an inheritance tax (IHT) bill is to simply give away your wealth during your lifetime. Keeping a record of the gifts you've made and IHT exemptions claimed will help the executors of your estate tackle any queries from HMRC.Keep a recordTo help your executors it's well worth keeping a Record of Gifts detailing dates, amounts and beneficiaries. Keep your records with your will and update them annually - perhaps a good time to do so is when you complete your tax return. There...
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  • 1,500+ Business Documents - Chattel lease
    Chattel leaseIn order for a gift to be effective for inheritance tax (IHT) purposes, you must be excluded from benefiting, other than to a minimal extent, from the asset given away. However, you can use the asset without jeopardising your IHT position where you lease the asset from the person you gave it to. Not a gift with reservationWhere you make a gift and retain rights over it, for example giving antique furniture to your son or daughter, but keep it in your home, it remains part of your estate for inheritance...
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  • 1,500+ Business Documents - IHT transferable nil rate band checklist
    Transferable nil rate band checklistWhen one spouse dies before the other, any unused nil rate band can be transferred to their surviving spouse. But HMRC will require details of the inheritance tax history of the first death in order to agree any claim on the second.Transferable nil rate bandIn October 2007 the government introduced new rules which allows a deceased's personal representatives (executors) etc. to claim all or part of the nil rate band (NRB) from their spouse or civil partner. The amount that...
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  • 1,500+ Business Documents - Surplus income record
    Surplus income recordThere is an inheritance tax exemption for monetary gifts made out of your surplus income.The exemption relies heavily on identifying the amount of surplus income you have. A simple annual record can be used for this purpose.Gifts from incomeThere is no financial ceiling or percentage restriction which might otherwise limit the amount you could give away. Any money expended on gifts out of surplus income is in addition to the annual exempt amount of £3,000 and other exemptions.If you decide...
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  • 1,500+ Business Documents - Lottery syndicate agreement
    Lottery syndicate agreementAre you in a lottery syndicate? Did you know that any winnings (football pools, National Lottery etc.) by the syndicate leader are potentially chargeable to inheritance tax as part of their estate? So what do you need to put in place before the big win?Protect the syndicate leaderThe good news is that as long as a simple agreement is in existence (and drawn up before the big win!) any winnings by the syndicate are not chargeable to inheritance tax as part of the leader's estate. The...
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  • 1,500+ Business Documents - Company trading status report
    Company trading status reportBusiness property relief is available on shares in unquoted companies if certain conditions are met. This means 100% of the market value of those shares will escape inheritance tax. However, HMRC can take this relief away if the business consists "wholly or mainly" of non-trading activities such as holding investments. How should you set about persuading him otherwise?Wholly or mainlyWhen considering this test, HMRC guidance is that its interpretation of this is literal, i.e. a 51%...
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  • 1,500+ Business Documents - Letter of wishes to accompany a will
    Letter of wishes to accompany a willUsing a letter of wishes can remove uncertainty for those looking after your money and assets after you die.UncertaintyWhen you draft your will you generally express exactly how you want your estate to be divided up in terms of each individual's share. For example "I leave the residue of my estate to my three children in equal amounts". This is fine for the bulk of your assets, but what about your personal possessions? Uncertainty over how you would prefer these to be distributed...
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