Self-employed Income Support Scheme
- It has been reported that only 2.3 million only 2.3 million he says) have claimed under the Scheme when apparently 3.5 million emails were sent out by HMRC to individuals who they thought were eligible
- If you or your friends have not claimed, then it is well worth them checking to see if they are eligible
- It is important to note that members of Partnerships can each claim
- The scheme is actually due to end this Sunday (31 May) and we are awaiting an update from the Chancellor as to whether it will be extended
The Financial Conduct Authority does not regulate advice on Estate Planning or Inheritance Tax Planning.
From 6 April 2017, the rules on Inheritance tax changed, providing for an additional "family home" allowance called the residence nil rate band (RNRB) or additional threshold where an individual has a qualifying property that forms part of their estate. In 2021/22 the standard Inheritance Tax threshold (nil rate band) remains unchanged on 2020/21 band at £325,000, the residence nil rate band also remains unchanged at £175,000. Individuals can still pass on assets - which include the family home - to their children or grandchildren worth up to £500,000, with no Inheritance tax liability.
Certain lifetime gifts can be made without giving rise to an inheritance tax charge. For 2021/22 the annual gift exemption is £3,000 and it is worth considering making a gift of this amount if you are in a position to do so.
In addition, if you did not make use of any part of the £3,000 annual gift exemption to which you were entitled in 2020/21, then this can be utilised before 5th April 2022 as long as the current year’s allowance is also fully used. It can only be carried forward for one year and then, if unused, it is lost.
Unlimited gifts can also be made in the form of Potentially Exempt Transfers (PETs). Provided you live for 7 years after making the gift, it will be free of inheritance tax.
Please ensure that, should a gift be made by cheque, sufficient time is given for the cheque to clear before 5th April; otherwise it will not be included in the current year’s total.
Gifts of £250 can be made to any number of separate individuals without giving rise to an inheritance tax charge. Gifts of varying amounts can also be made between family members on the occasion of a wedding/civil partnership ceremony, without any inheritance tax liability.
Tax advice which contains no investment element is not regulated by the Financial Conduct Authority (FCA).
Information regarding taxation levels and basis of reliefs are dependent on current legislation and individual circumstances, are not guaranteed and may be subject to change.