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inheritance

How gifting from surplus income can mitigate an inheritance tax liability
March 13, 2023

Emily Minett reveals a potentially significant inheritance tax exemption when it comes to gift-giving.

When it comes to making lifetime gifts, many people are familiar with the “seven-year rule” in that if the donor making the gift survives seven years from the date of the gift and does not reserve a benefit in the asset given away, the value of the gift will not be taken into account on the donor’s death for inheritance tax (IHT) purposes.

Inheritance Tax: Reliefs, rates and exemptions for families
February 5, 2021

Statistics from the UK government’s tax office show the amount of Inheritance Tax (IHT) families are paying has soared from £2.9 billion ($3.9 billion) in 2011-12 to £5.2 billion ($7.1 billion) in 2019-20—this in part reflects the rise in asset values since 2008, and in particular skyrocketing property prices in London and the south-east of England.

Statistics from the UK government’s tax office show the amount of Inheritance Tax (IHT) families are paying has soared from £2.9 billion ($3.9 billion) in 2011-12 to £5.2 billion ($7.1 billion) in 2019-20—this in part reflects the rise in asset values since 2008, and in particular skyrocketing property prices in London and the south-east of England.

Wealth inheritance plans alive and kicking
July 28, 2017

A third of wealthy individuals will pass on their fortunes to their children during their lifetimes and a fifth will transfer their business to their next generation while still alive, says research by Lloyds Private Bank.

A third of wealthy individuals will pass on their fortunes to their children during their lifetimes and a fifth will transfer their business to their next generation while still alive, says research by Lloyds Private Bank.

Inheritance: Why passing it further down is a good plan
May 4, 2017

A survey by insurer Royal London says £400 billion ($515 billion) in private hands is waiting to be passed on and the research also discovered those holding that wealth have different views to those who are (or are not) expecting to receive it, says Jeremy Curtis, partner in the Private Wealth team at Pemberton Greenish.

A survey by insurer Royal London says £400 billion ($515 billion) in private hands is waiting to be passed on and the research also discovered those holding that wealth have different views to those who are (or are not) expecting to receive it, says Jeremy Curtis, partner in the Private Wealth team at Pemberton Greenish.

Generation skipping­–something for a long time heavily taxed in the US–is now in vogue.

Business property relief a benefit in family succession says Wilsons
February 20, 2017

British family business leaders are being encouraged by a UK private client law firm to consider the benefits of business property relief in succession planning and as the Inheritance Tax net widens.

British family business leaders are being encouraged by a UK private client law firm to consider the benefits of business property relief in succession planning and as the Inheritance Tax net widens.

Wilsons, based in London and Salisbury, warned the number of UK estates liable for Inheritance Tax was forecast to rise by 15% to 30,000 in the tax year ending 5 April, 2017, up from 26,000 estates in 2015/16.

Heir raising: Millennials' attitudes to their impending inheritance
August 7, 2015

Generational demographics mean the world is on the cusp of the largest wealth transfer in history. So how prepared do next-generation inheritors feel for this event?

Planning for a smooth succession to the next generation is one of the biggest challenges facing any family of substantial wealth.

There are a host of issues at play, such as how to discuss family wealth with next gens, what education they need to allow them to manage their inheritance, and the relationships between family advisers.

German family businesses could face “tremendous difficulties” under new tax ruling
December 17, 2014

Germany’s highest court has this morning ruled a 2009 law that provides tax breaks and exceptions on inheritance for the country’s family business illegal and unconstitutional.

Germany’s highest court has this morning ruled a 2009 law that provides tax breaks and exceptions on inheritance for the country’s family businesses illegal and unconstitutional.

The Federal Constitutional Court said the law violated the principle of fair taxation as it provides special treatment to some companies.

But family business advocates say the new ruling could unfairly disadvantage firms that are family owned, compared to competitors that don't face inheritance tax bills.

US parents reluctant to discuss inheritance despite possible negative outcomes
July 23, 2014

Nearly half of affluent Americans are reluctant to talk about inheritance plans with their successors, according to new research, despite the fact avoiding the subject means heirs are almost twice as likely to disagree about inheritance distribution. 

Nearly half of affluent Americans are reluctant to talk about inheritance plans with their successors, according to new research, despite the fact avoiding the subject means heirs are almost twice as likely to disagree about inheritance distribution.

Samsung third gens could face €5bn inheritance tax
June 9, 2014

Succession at Samsung – South Korea’s largest family-owned conglomerate – could prove costly for the third generation, with analyst estimates putting the potential inheritance tax bill at almost €5 billion.

Succession at Samsung – South Korea’s largest family-owned conglomerate – could prove costly for the third generation, with analyst estimates putting the potential inheritance tax bill at almost €5 billion.

Analysts have been speculating about the future of the company following the hospitalisation of second-generation chairman Lee Kun-hee last month after a heart attack.

Carlos Slim transfers shares to children
November 20, 2013

Mexican billionaire Carlos Slim has quietly been transferring large parts of his family business empire to his six children over the past couple of months, according to media reports.

Mexican billionaire Carlos Slim has quietly been transferring large parts of his family business empire to his six children over the past couple of months, according to media reports.

In the most recent transaction, last month, he reportedly gave two of his daughters the majority of his shares in financial holding company Grupo Financiero Inbursa.

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