Portner

  It is hard to think about giving away your assets while you are still alive, but doing so can help save Inheritance Tax when you die. In this article, head of private client Elena Stylianou explains how the ‘seven-year rule’ enables you to gift assets during your lifetime tax-free or at a reduced tax rate. How is Inheritance Tax charged? First, let’s look at how Inheritance Tax is charged. The current Inheritance Tax position is that a deceased’s estate is taxed at 40% on the value of the estate above the tax-free allowance of £325,000, subject to certain exemptions. This figure increases to £500,000 if the estate includes a main residence property left to direct descendants of the deceased (such as children) and the value of that property is less than £2m. This additional tax-free allowance of £175,000 is known as the ‘residence nil rate band’. If the value of the property is over £2m, the residence nil rate band will taper. The ‘seven-year rule’ Under the current la...

  If you are a skier, which of your gear would you consider the most instrumental in your success on the slopes? You might be tempted to say your skis or helmet — but without the right boots, you would probably struggle to steer yourself as you ski. What exactly would constitute the “right” boots? To put a long story short: those that feel right on your feet, without hugging either too loosely or too tightly. However, as no given person’s feet are identical to anyone else’s, standard off-the-shelf boots might not be good enough. This helps to explain why it is so important to attend a professional ski boot fitting , where your new boots will be carefully moulded to your feet, allowing for the perfect fit. As part of your journey as a skier, you will need to choose a pair of boots. Which pair, then, would be the most sensible choice? Should you consider slipping into boots designed for the opposite gender? The majority of ski boots are unisex, i.e. made to be worn by pe...