Lambert Roper & Horsfield Limited Accountants Calderdale
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Terms and Conditions


The guidance and/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.

Disclaimer

The information set out within this web site is provided for general purposes only and does not constitute legal or other professional advice. Information provided within the web site is considered to be accurate, and is reviewed periodically. Users should seek appropriate legal or other professional advice before taking or refraining from any action. Lambert Roper & Horsfield Limited accepts no responsibility for any loss which may arise from or reliance on information contained in this site or other sites which may be linked from time to time to the Lambert Roper & Horsfield Limited site.

Copyright Notice

The contents of these pages are © Lambert Roper & Horsfield Limited . Reproduction is only permitted in accordance with the licensed terms below.

Licensed Terms

In any event the copying of any part of the web site is only permitted if it is copied with no amendment or editing.

Translation is permitted on the basis that you take full responsibility for the accuracy of the translation.

Licence to copy for personal use

You may print copies of items in hard copy for your personal use or for use by others within your organisation subject to any terms and conditions that may apply to the information being printed.

Licence to recopy for limited purposes

The supply of any copy to a third party is permitted for their personal use on the above terms provided that:

a) It is acknowledged that Lambert Roper & Horsfield Limited web page is the source of the material including Lambert Roper & Horsfield Limited web address (www.lrh.co.uk) in the copy of the material;
b) The third party is informed that these licence conditions apply to him and he must comply with them;
c) It is not supplied as part of another work or publication; and
d) It is not supplied directly in return for commercial gain.

Any requests to reproduce materials outside the scope of this licence should be addressed to mail@lrh.co.uk.

Relevant Law

The use or publication of this web site and any dispute arising from the use or publication of this web site is subject to the Laws of England and Wales and to the exclusive jurisdiction of the courts of England and Wales.

Complaints

We have a complaints procedure and will consider any complaint as to our service and do our best to resolve it. Complaints should be addressed to mail@lrh.co.uk.

Privacy Statement

This statement sets out our policy in relation to holding and using information that we may obtain from you in the course of your use of this web site.

a) If you have opted to provide us with information about yourself we may use this information to contact you by email or by post so as to send you details about our services or to send you information, which we believe, may be of interest to you. If you do not want us to use the information in this way please contact our IT Department mail@lrh.co.uk or by post at Lambert Roper & Horsfield Limited, First Floor, Rosemount House, Huddersfield Road, Elland, West Yorkshire, HX5 0EE. We will not pass information we hold about you to any organisation outside of Lambert Roper & Horsfield Limited without your consent.

b) Under the Data Protection Act (in England and Wales – equivalent legislation may be in force in other European Community countries), you may request details of personal information we hold about you. Please send such requests to the address above marked for the attention of the Data Protection Officer. An official fee will be payable. If you believe that any information we hold about you is incorrect or incomplete, you should write without delay to the Data Protection Officer at the address above. Any information that is found to be incorrect or incomplete will be corrected without delay.

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Telephone: 01422 360788

Email: mail@lrh.co.uk

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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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