{"id":871,"date":"2013-09-07T17:35:48","date_gmt":"2013-09-07T17:35:48","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/jack-ross-news\/?p=871"},"modified":"2013-09-07T17:35:48","modified_gmt":"2013-09-07T17:35:48","slug":"871","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/871\/","title":{"rendered":"Inheritance tax raises \u00a33bn for the taxman"},"content":{"rendered":"<p>Individuals and families in the UK paid \u00a33.14 billion in inheritance tax (IHT) in 2012\/13, official figures from the Office for National Statistics have shown. It comes as a result of the freeze in the IHT threshold \u2013 held at \u00a3325,000 since April 2009 \u2013 and a recovery in property prices, which has pushed more families into IHT liability. HM Revenue &amp; Customs collected eight per cent more IHT in 2012\/13 than it did in the previous tax year.<\/p>\n<p><span style=\"text-decoration: underline;\">Key facts<\/span><\/p>\n<ul>\n<li>IHT must be paid if a person&#8217;s estate is valued over \u00a3325,000 or \u00a3650,000 for a married couple or civil partners for the years 2013\/14 to 2018 (provisionally)<\/li>\n<li>Assets or an estate, defined by HMRC, can include property, land, savings, investments, pensions, life insurance policies, businesses, motorcars, jewellery, antiques and foreign assets.<\/li>\n<li>The full rate of IHT is 40 per cent.<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\">Ways to minimise your IHT liability <\/span><\/p>\n<p>There are many legitimate ways to reduce your inheritance tax bill, but forward planning with the help of a professional adviser is essential. Some things to consider include:<\/p>\n<ul>\n<li>The transfer of assets: some gifts, such as any given to a spouse or partner providing they are permanent residents of the UK, are tax-free<\/li>\n<li>Giving gifts: individuals are entitled to an &#8216;annual exemption&#8217; on gifts which allows them to give up to \u00a33,000 away each year. Marriage gifts and small gifts, up to specified limits, fall into the exempt category, as do donations to charity or political parties<\/li>\n<li>Transferring the unused nil-rate band of a late spouse or civil partner to the surviving spouse after the first death<\/li>\n<li>Leaving your estate to charity: leaving at least 10 per cent of your estate to charity can reduce the IHT rate to 36 per cent on the remainder of the estate.<\/li>\n<\/ul>\n<p><em>Talk to us about inheritance tax planning and about the different ways you may be able to reduce your inheritance tax liability.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Individuals and families in the UK paid \u00a33.14 billion in inheritance tax (IHT) in 2012\/13, official figures from the Office for National Statistics have shown. It comes as a result of the freeze in the IHT threshold \u2013 held at \u00a3325,000 since April 2009 \u2013 and a recovery in property prices, which has pushed more&hellip;&nbsp;<a href=\"https:\/\/my-brains.co.uk\/jackross\/871\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Inheritance tax raises \u00a33bn for the taxman<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[5,12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inheritance tax raises \u00a33bn for the taxman - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"Individuals and families in the UK paid \u00a33.14 billion in inheritance tax (IHT) in 2012\/13, official figures from the Office for National Statistics have\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/my-brains.co.uk\/jackross\/871\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inheritance tax raises \u00a33bn for the taxman - Manchester Chartered Accountants\" \/>\n<meta property=\"og:description\" content=\"Individuals and families in the UK paid \u00a33.14 billion in inheritance tax (IHT) in 2012\/13, official figures from the Office for National Statistics have\" \/>\n<meta property=\"og:url\" content=\"https:\/\/my-brains.co.uk\/jackross\/871\/\" \/>\n<meta property=\"og:site_name\" content=\"Manchester Chartered Accountants\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/jackrosstax\" \/>\n<meta property=\"article:published_time\" content=\"2013-09-07T17:35:48+00:00\" \/>\n<meta name=\"author\" content=\"Jack Ross\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jack Ross\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/871\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/871\/\"},\"author\":{\"name\":\"Jack Ross\",\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#\/schema\/person\/d65ae99f63f346e53c611cb62a38c818\"},\"headline\":\"Inheritance tax raises \u00a33bn for the taxman\",\"datePublished\":\"2013-09-07T17:35:48+00:00\",\"dateModified\":\"2013-09-07T17:35:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/871\/\"},\"wordCount\":311,\"publisher\":{\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#organization\"},\"articleSection\":[\"Tax\",\"Wealth Management\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/871\/\",\"url\":\"https:\/\/my-brains.co.uk\/jackross\/871\/\",\"name\":\"Inheritance tax raises \u00a33bn for the taxman - Manchester Chartered Accountants\",\"isPartOf\":{\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#website\"},\"datePublished\":\"2013-09-07T17:35:48+00:00\",\"dateModified\":\"2013-09-07T17:35:48+00:00\",\"description\":\"Individuals and families in the UK paid \u00a33.14 billion in inheritance tax (IHT) in 2012\/13, official figures from the Office for National Statistics have\",\"breadcrumb\":{\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/871\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/my-brains.co.uk\/jackross\/871\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/my-brains.co.uk\/jackross\/871\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\/\/my-brains.co.uk\/jackross\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Inheritance tax raises \u00a33bn for the taxman\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#website\",\"url\":\"http:\/\/my-brains.co.uk\/jackross\/\",\"name\":\"Jack Ross Chartered Accountants Manchester\",\"description\":\"Manchester Accountants &amp; 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