Tax, Trusts Wills

Question 1

What is the form that has to be completed by all US Persons?

Answer 1

W9

Question 2

Annual personal tax allowance? (Income Tax)

Answer 2

£12,570

Question 3

Current rates of income tax on dividends?

Answer 3

8.75%, 33.75% 39.35%

Question 4

Basic income tax rate?

Answer 4

£12,571 to £50,270 (20%)

Question 5

Higher income tax rate?

Answer 5

£50,271 to £125,140 (40%)

Question 6

Additional income tax rate?

Answer 6

over £125,140 (45%)

Question 7

CGT Allowance

Answer 7

£3,000

Question 8

CGT Rates?

Answer 8

Basic 18%, Higher/Additional 24% (Property - Basic 18%, Higher/Additional 24%)

Question 9

Under rules of intestacy, what is the remaining spouse entilted to?

Answer 9

First £322k of estate and chattels. Half of the remainder if Children

Question 10

Tax return cost?

Answer 10

Starts £250 + vat

Question 11

Will writing?

Answer 11

Single Will £320 (inclusive vat)

Question 12

2 mirror wills?

Answer 12

£380

Question 13

Cost of preperation of one LPA?

Answer 13

£125 *| Grand total of £352

Question 14

What is the limit a Settlor can put into a Trust in any 7 seven period before triggering a lifetime Inheritance Tax charge?

Answer 14

£325,000. Everything above the threshold is taxed

Question 15

Under the Law of Intestacy (applying where the deceased leaves no will), at what age will a child be entitled to his or her share of the estate?

Answer 15

18

Question 16

At what period of intervals does the capital of a discretionary trust get assessed by HMRC?

Answer 16

Every 10 years

Question 17

Annual Trust administration fee

Answer 17

0.25%