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References in periodicals archive ?
Sarah Coles, a personal finance analyst at Hargreaves Lansdown, said: "In addition to the enormous emotional resonance a wedding carries, there are also tremendous differences between the ways that a partner and a spouse are treated when it comes to inheritance tax.
This is only potentially exempt, as the individual gifting their cash or assets must live at least another seven years or they will still remain liable to Inheritance Tax.
The assets of "martyrs"--those killed in the line of duty--are not subject to any inheritance tax.
The Office for Budget Responsibility data reveals the number of family estates on which inheritance tax must be paid has grown to more than 40,000 this year, from around 15,000 in 2010.
Across the West Midlands, estates paid PS148 million in inheritance tax in 2012/13, just 4.
With one in 10 UK households sitting on assets totalling PS1m or more, the freezing of the nil rate band will see more money finding its way to the taxman if people do not take action to mitigate their potential inheritance tax liability.
Due to the complexity involved in making such a claim and owing to the complex nature of Spanish inheritance tax legislation, wide knowledge and expertise of local, domestic and EU laws and regulations are required.
Patrick Haines, regional head of advice at Close Brothers Asset Management, said: "Those looking to pass on their wealth cannot let inheritance tax fall under the radar.
The New Jersey inheritance tax is imposed on the transfer of property by bequest to certain classes of beneficiaries.
Nevertheless, even with two nil rate bands available, an estate valued at, say, PS950,000 would still suffer an eye-watering inheritance tax bill of PS120,000.
If you need the assets for security of income in your retirement or to fund future care costs, you cannot also give them away to mitigate Inheritance Tax.
Inheritance tax is charged on the value of an estate less debt and other liabilities, such as outstanding bills, and after taking account of any inheritance tax reliefs that might apply.