Make an enquiry

    Enquiry Form









    Contact

      Enquiry Form






      Supporting Document


      We are welcoming clients back to our offices Find Out More
      FJG Solicitors in Essex, Colchester, Chelmsford, London – Fisher Jones Greenwood
      • 0845 543 5700
      • [email protected]
      • Make an enquiry
      • Online Payment
      • Home
      • Services
        • Services for you
          • Advocacy
          • Civil & Commercial Disputes
          • Clinical and Medical Negligence
          • Conveyancing
          • Employment Law
          • Family Law
          • Children Law
          • Immigration & Visas
          • Notary Services
          • Personal Injury
          • Wills, Life Planning & Probate
        • Services for business
          • Academies Portal
          • Agricultural and Rural
          • Business Immigration
          • Commercial Dispute Resolution
          • Commercial Litigation
          • Professional Negligence
          • Commercial Property
          • Construction Law
          • Planning Consultancy
          • Corporate and Commercial
          • Education Services
          • Employment Law
          • Healthcare Services
          • International Services
          • Landlord & Tenant Services
        • Services by sector
          • Agriculture & Estates
          • Care Homes
          • Charities & Social Enterprise
          • Construction
          • Education Law
          • Energy
          • Family Owned Business
          • Healthcare & Dentistry
      • Our people
      • About us
        • CSR
        • Awards
        • Our Vision
        • Accessibility
        • Careers
        • Work Experience
        • Equality & Diversity
        • FLOCC
        • FJG Foundation
        • SAFE Forum
      • News, Events & Insights
      • Blog
      • Podcasts
      • Contact us
        • Colchester
        • Chelmsford
        • Clacton-on-Sea
        • Billericay
        • Braintree
        • Frinton-on-Sea
        • Holland-on-Sea
        • London

      Tax – make the most of your allowances!

      23 February 2018 by James Bird

      Tax

      Tax! The three letter word which nobody likes to hear. Most will be familiar with the basic principles of Income Tax and possibly even Capital Gains Tax. The last of the big three for individuals is Inheritance Tax (sometimes referred to as death duties). All of these mean that we have to pay money to the government. But what some people might not be aware of are some of the exemptions that can apply, in particular with Inheritance Tax. With the tax year coming to an end shortly (5th April 2018) there is still time for you to possibly make use of these exemptions.

      One of the most notable of these exemptions is called the “annual exemption”. This allows you to make gifts of up to £3000 to anyone each year and should you pass away in the next 7 years then this is not included in your estate. In addition to this, the annual exemption of £3000 can be carried over 1 year if it is not used, so if you did not make any gifts last year then you could double up to £6000 for this tax year. The carry forward only applies for 1 year though (so you can’t claim unused allowance from 2 years ago etc).

      As well as the annual exemption, it is also possible to give gifts of up to £250 to any person without any tax liability. You can give as many gifts of £250 as you want so long as the gift does not fall within another exemption category. Each gift of £250 must also be to a different person (so you can’t just give one person a gift of £5000 consisting of £250 gifts).

      There are also further tax exemptions which apply to specific occasions. You might not be able to use these every year but keep them in mind for when the time might arise.

      In summary, these include:

      • wedding or civil ceremony gifts of up to £1,000 per person (increased sums of £2,500 apply if the person getting married is a grandchild or great-grandchild, or £5,000 if they are your child.)
      • normal gifts out of your income, for example, Christmas or birthday presents. It should be noted that in order for this exemption to apply, you must still be able to maintain your standard of living after making the gift so you cannot deliberately deprive yourself.
      • payments to help with another person’s living costs, such as an elderly relative or a child under 18
      • gifts to charities and political parties

      The tax year ends on 5th April 2018 so if you have not made use of any of these exemptions it might be worth considering making a gift or two if suitable, particularly the annual exemption.

      If you have any concerns about inheritance tax or making a Will, then please feel free to contact our Wills, Life Planning and Probate department who will be more than happy to assist.  Please contact the team on 01206 700113 or [email protected].

      Authors
      Archives
      Subscribe to RSS feed

      Recent Posts

      • Who you gonna call?
      • Worth the wait
      • What is a section 37 report?
      @FJGSolicitors

      Who are you going to call upon to write your Will? FJG are ready and waiting to guide you through the process. Re… https://t.co/kpVGXKIGht

      23 hours

      We've had a 5* review from Christopher: Excellent Service https://t.co/4lbJehtq0g

      1 day

      We've had a 5* review from Colette: Protection Against Landlord & Letting Agents https://t.co/q9w1oBRu4H

      2 days
      Billericay 01277 623132
      Braintree 01376 552828
      Chelmsford 01245 890110
      Colchester 01206 835300
      Clacton 01255 323103
      Frinton 01255 514100
      Holland-on-Sea 01255 818900
      London 08455 435700
      Sudbury 01787 373387
      • Disclaimer
      • Accessibility
      • Terms & Conditions
      • Privacy Policy
      • Cookies
      • Price & Service
      • Signup to our Newsletter
      • COVID-19 Risk Assessment

      Fisher Jones Greenwood is the trading name of Fisher Jones Greenwood LLP, a Limited Liability Partnership authorised and regulated by the Solicitors Regulation Authority and registered in England ( Number: OC305854 ). A list of members is available for inspection at the registered office at Charter Court, Newcomen Way, Colchester Business Park, Colchester, Essex CO4 9YA

      This website uses cookies & data collection

      Our website uses cookies, which are small text files that are placed on your computer by websites that you visit to distinguish you from other users. They are widely used in order to help website owners like us provide you with the best user experience possible. They also provide us with information that can help us improve our websites and marketing activities. By clicking an item or link on this website, you agree to the use of cookies and other data collection.

      Find out more

      We are welcoming clients back to our offices

      Differing tiers and three lockdowns later, Fisher Jones Greenwood Solicitors are now pleased to be able to welcome clients safely back to our offices.

      Remote working and the digitalisation of the way we work, have been key to keeping FJG and the rest of the country going.

      • We are now able to offer, pre-booked face-to-face appointments. Although, we are still able to offer remote appointments if preferred.
      • You can continue to visit our offices at any time to post any correspondence and documents through letterboxes.

      If you are visiting an FJG office, covid-19 safety rules of social distancing, hand sanitization, and the wearing of masks will still apply.

      • Please be aware you will also need to have your temperature taken on arrival.
      • There will also be protective screens in place to protect you and our staff.

      Please do not hesitate to contact your legal adviser by email or by telephone should you have any worries or concerns. Alternatively, please call our main switchboard number (01206 835300), and a message to return your call will be relayed to the relevant person.

      Best wishes
      Paula Cameron
      Managing Partner