Q. My brother (who was single) died recently, leaving his estate to me (his only sibling) and my two sons. By far the biggest asset in his estate is his house, which was mortgaged. I also stand to benefit from a life assurance policy that my brother had written in trust for me, which he intended… Read more »
Q. I am an executor of my late father’s estate. I had his house valued for inheritance tax (IHT) purposes and paid IHT based upon that valuation. Although the house took a long time to sell, I eventually sold it for almost £35,000 more than the original valuation. Should I inform HMRC of the actual sale… Read more »
Q. I have heard a rumour that the married couples income tax allowance is set to be re-introduced. Is this true? A. Yes, although we will have to wait for the final details and implementation date. The Prime minister, David Cameron, recently unveiled plans to introduce a married tax allowance that is estimated to be worth as… Read more »
Q. I have an interest-only mortgage, which I intend to repay by using the funds held in my ISA and the tax-free cash from my pension once I reach age 55. However, I read an article recently that stated that the government is set to restrict the amount that can be held within an ISA and… Read more »
Q. I am a physiotherapist and I am self-employed. A colleague has told me that HMRC is scrutinising the tax affairs of all those who work in this sector, with a view to increasing its revenue. Is this correct? A. To an extent, yes, this is true. HMRC has conducted a number of disclosure campaigns in… Read more »
