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Cookie Policy


Background

Cookie legislation was introduced in the revision of the Privacy and Electronic Communications Regulations, 2003, updated 2011. The forthcoming ePrivacy Directive may make changes to the rules on cookies which will be included in a later update of this Cookie Policy.

Why do we use Cookies?

Our use of cookies is to primarily help enhance your user experience and to improve the efficiency of our website. We use certain cookies to remember you when you visit the website, to keep track of browsing patterns and to understand how visitors use the website site.

What are Cookies?

Cookies are text files containing small amounts of information which are downloaded to your device when you visit a website. There are different types of cookies: some are essential for the site to operate properly, whereas others are aimed at enhancing and personalising your user experience. Cookies can help us to understand how consumers are interacting with our website, which helps us to improve our site and deliver a better service to you.

What Cookies do we use?

Strictly necessary Cookies

Generally, these cookies will be essential first-party session cookies. Not all first-party session cookies will fall into the strictly necessary category for the purposes of the Cookie legislation. Strictly necessary cookies will generally be used to store a unique identifier to manage and identify the user as unique to other users currently viewing the website, in order to provide a consistent and accurate service to the user.

Essential Cookies

These cookies are essential in order to enable you to move around the website and use its features, such as signing-up to receive emails from us.

Performance Cookies

These cookies generally collect information about how visitors use our website, for instance which pages visitors go to most often, and the pages that they don’t. This helps us to understand and improve the site so it is easy to use and includes helpful content. They allow us to fix bugs or glitches on the website. These cookies don’t collect information that identifies visitors, so we can’t identify you. For example, we use “Google Analytics” cookies (a web analytics service provided by Google, Inc).

Functionality Cookies

These cookies allow our website to remember the choices you make as you browse the site. They provide more enhanced and personal features. The information collected is anonymised and they cannot track your browsing activity on other sites once you leave our site.

Following is a table of our use of cookies with the duration we have set.

Description Type of cookie Duration
catAccCookies – This cookie is set by the UK cookie consent plugin we have on the website to record that this site uses cookies Strictly necessary 30 days
_ga – used to distinguish users Persistent 2 years
_gid – used to distinguish users Persistent 24 hours
_gat – used for throttle  date request rate Persistent 1 minute

How to turn off Cookies

You can turn off cookies at any time, by going into your browser settings, however this may have a detrimental effect on your user experience. If you are happy to continue letting us use cookies in the ways set out in this policy, to help us guide our work, then you need not do anything.

For more information go to http://www.allaboutcookies.org/

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After almost 25 years at the Old Woolcombers Mill in Halifax, LRH Chartered Accountants have moved to new premises in … Continue reading →

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Telephone: 01422 360788

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Latest News

Gifts out of income and their benefits to beneficiaries

June 6th, 2018

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts work in practice?

Gifts provided from surplus income – i.e. income less usual expenditure to maintain your standard of living – are not considered as remaining part of a person’s estate, regardless of how long they survive for following the gift and should, therefore, be free of inheritance tax (IHT).

Under the current rules, there is no limit on the amount that you can give away as a gift out of income, but it is recommended that a letter of intent is prepared when making such regular gifts.

This can be provided to HM Revenue & Customs (HMRC) in the event of a short period of giving due to a change of personal circumstance. In addition, there is no requirement for the donor to survive seven years for the gifts to be free of IHT, unlike lifetime gifts.

Where gifts are to be made to a minor, and regular payments may not be appropriate, then a discretionary trust into which the payments are made might be more suitable.

Normally, there is IHT on the transfer of income into the trust if the nil rate band is exceeded, although the accumulated income in trust will not use up the Nil Rate Band. However, this does not apply where regular gifts out of income are made.

Please note that there is an IHT charge every 10 years based on the value of the trust’s assets at the date of the 10 year anniversary and the maximum tax rate is six per cent.

The 10 year charge can be avoided by distributing the assets in the trust prior to the 10 year anniversary of the trust. Alternatively, a number of different trusts could be set up with the amount invested into each trust restricted so that the nil rate band is not exceeded at the 10 year anniversary of the trust. However, the growth in the value of the assets in the trust would need to also be taken into account.

The trust should have no other assets in addition to the regular gifts out of income and each should be set up on a different day, as multiple trusts set up on the same day are aggregated for the purpose of determining whether the Nil Rate Band has been exceeded at the 10 year anniversary.

Those considering giving away surplus income should keep a record of the gifts and record their income in the fiscal year, including expenses, as this would be required by the executors to ensure no inheritance tax is payable.

Link: Inheritance Tax: Gifts

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