Planning to reduce the taxman's inheritance

Article Abstract:

Making a will is an important way to reduce problems for relatives after death, and is especially important if there are children, a partner to whom one is not married, or the estate is large. Estates over 125,000 pounds sterling are divided between the spouse and other relatives, if no will is made. This could mean a spouse would be forced to sell their home. Estates over 154,000 pounds are subject to inheritance tax unless they are inherited by a spouse, but this tax can be minimized through gifts.

Inheritance tax

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The tax form cometh

Article Abstract:

The UK government has introduced self-assessment for income tax. Tax return forms can be returned by Sep 30 1997 for the Inland Revenue to calculate tax due, or by Jan 1998 with the taxpayer calculating the tax owed. Some taxpayers will need additional pages to the forms they have been sent, such as Partnership forms for taxpayers involved in partnerships. Fines will be imposed on taxpayers missing the deadline of Jan 1998. The main tax form comprises eight pages and should be completed by everyone.

Tax reform

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Still time to cope with self-assessment

Article Abstract:

United Kingdom tax self-assessment involved a deadline of Sep 30 1997 for filing returns and having tax bills calculated by the tax authorities. Some 5 million people did not meet this deadline but they can still calculate their tax bills themselves. There are free leaflets from the tax authorities to help with this, or they can use computer software. Professional help is available from banks and accounting firms, with fees varying according to location.

Personal finance

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