What Do Elephants and Farmhouses Have in Common?

What Do Elephants and Farmhouses Have in Common?

We originally published this post on the ‘Elephant Test’ on 23 September 2013 and updated it on 9 May 2024 for freshness, accuracy, and comprehensiveness. “Does Your Farmhouse Pass The Elephant Test?” Many farmers are not concerned with Inheritance Tax...
The Inheritance Tax Implications of Gifts

The Inheritance Tax Implications of Gifts

Research carried out by the National Centre for Social Research (NCSR) and the Institute for Fiscal Studies (IFS) recently found that there is a ‘staggering lack of awareness’ of the inheritance tax (IHT) implications of making a financial gift. Below we outline the...

Inheritance Tax: Is Your Estate Covered?

With the value of homes continuing to increase over the past decade, and with the majority of housing wealth now being owned by older households, inheritance tax (IHT) continues to be an issue for many, despite the introduction of the residence nil-rate band (RNRB)....
AAT States Inheritance Tax Is ‘Unnecessarily Complicated’

AAT States Inheritance Tax Is ‘Unnecessarily Complicated’

The Association of Accounting Technicians (AAT) has stated that inheritance tax (IHT) is ‘unnecessarily complicated’ and ‘widely misunderstood’. Responding to a review of the tax by the Office of Tax Simplification (OTS), the AAT said that several IHT exemptions...
Preserve Tax Relief on Farming Diversification

Preserve Tax Relief on Farming Diversification

Many farm businesses diversify from traditional farming to other related activities such as livery or hay making for horses. This may be a result of lifestyle changes or perhaps other potential incentives aligned with the Government’s so called Green Brexit. In such...