Personal tax services

Can you claim additional Inheritance Tax Relief?

The Residence Nil Rate Band is an additional Inheritance Tax allowance that can be claimed for estates where the deceased owned their own home and left their home, or a share of it, to their direct descendants.

The current additional allowance is £150,000 and will increase to £175,000 in April 2020. This means that in April 2020 married couples and civil partners will potentially be able to claim Inheritance Tax allowances totalling £1million.

However, there are significant limitations to when the additional Residence Nil Rate Band can be claimed:

How to protect the Bank of Mum and Dad

Parents have increasingly been relied upon as property prices increase with a recent report from Legal & General suggesting that over a quarter of all home buyers receive assistance from family or friends. However, when providing support to family members, few people are aware of the different options which may be available when considering how such support should be provided. These can include the following:

Capital Gains Tax (‘CGT’)

Capital Gains Tax (‘CGT’) – the basics

CGT is a tax on the profit when you give/sell a ‘chargeable asset’, including selling residential property.

The costs of buying, selling or improving a property – estate agents’ and solicitors’ fees, improvement costs which are reflected in the property’s value – can be deducted.

You only have to pay CGT on your overall gains above your tax-free allowance of £11,300.

You do not pay CGT when you give/sell residential property if it is your ‘only’ or ‘main residence’.

National law firm Stone King secures major hires and announces raft of partner promotions

Stone King is delighted to announce that Julian Blake, formerly joint head of Charity and Social Enterprises at Bates Wells Braithwaite, and commercial property lawyer Caroline Taylor, formerly partner at Michelmores LLP, have joined the national law firm as partners. The firm has also made five new partner promotions across the business.

Michael King retires from Stone King after guiding the law firm for more than 40 years

After more than four decades with Stone King, having been instrumental in its growth and prosperity, Michael King is bidding a fond farewell and retiring from the national law firm.

Michael has led Stone King’s Charity & Social Enterprise Group, been Senior Partner and Chairman and been instrumental in driving the firm’s growth in London, having established its first office there in 1990.

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