How to Maximise The Highest 25% Tax-free Lump Sum
To take more tax-free lump sum from a UK pension by having fixed protection in place, you need to understand the intricacies of pension protection schemes and how they interact with the tax-free lump sum rules. Here’s a step-by-step guide: 1. Understand Fixed...
Should I Transfer My Pension If I Live Outside of the UK?
Expatriates often contemplate whether transferring their UK pensions is the right choice. In this article, we’ll delve into these questions and explore the considerations surrounding the decision. I will also point out some of the key differences between a SIPP...
How is Your UK Pension Taxed Overseas?
Navigating bureaucracy is often a challenge when living abroad, whether you’re dealing with matters in your new country or managing affairs back in the UK. A clear understanding and proactive approach can greatly help. This article explores the complexities of...
How to Avoid Paying Inheritance Tax
Inheritance Tax (IHT) is a tax on the estate of a deceased person, which includes property, money, and possessions. In the UK, the current IHT threshold is £325,000, and anything above this amount is taxed at a rate of 40%. If you are a UK resident, this tax applies to your worldwide estate, including any property or assets held abroad. However, with careful planning, it is possible to avoid or reduce your IHT liability in both the UK and your country of residence.
Mitigating Inheritance Tax
Inheritance Tax (IHT) can be a significant burden on your estate, potentially reducing the amount you can pass on to your loved ones. However, there are a number of strategies you can use to mitigate your IHT liability and ensure your estate is distributed as you wish. In this article, we will explore some of the most effective ways to reduce your estate’s tax burden.