P543 Teletext 543 Dec11 23:17:19    % BENEFITS    ——————————————————————————————  TRUSTING WAY TO AVOID DEATH DUTIES Rising home prices have dragged more and more people into the Inheritance Tax trap (IHT) in recent years. Government figures show the average home costs nearly £188,000 - far more in many parts of the South East - while estates valued at more than £263,000 may be subject to death duties. But there remain some measures the taxman allows which can minimise the impact of inheritance tax. ——————————————————————————————————1/5—— Latest rates on National Savings 540 Grab a UK Holiday Bargain - p233 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Dec11 23:15:40    % BENEFITS    ——————————————————————————————  TRUSTING WAY TO AVOID DEATH DUTIES About 600,000 people die in the UK each year. 30,000 estates paid IHT during the 2003/04 tax year, up from 18,000 just five years earlier. Under current Inheritance Tax rules, an estate worth in excess of the £263,000 threshold is potentially taxed at 40%. There are a number of exemptions and reliefs, such as money left to a spouse or charity — but using simple trusts could also help cut the tax take. ——————————————————————————————————2/5—— "Best buy" personal loans 546 NORTON LOANS SEE p615 0800 929 100 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Dec11 23:16:14    & BENEFITS    ——————————————————————————————  TRUSTING WAY TO AVOID DEATH DUTIES Tax expert Mark Largan says putting all term assurance policies into trust can help reduce Inheritance Tax paid by beneficiaries. Term assurance policies are simple life insurance - they pay out if you die during the term but nothing if you survive it. Premiums are relatively low, and they especially appeal to parents who want to provide adequately for dependents. ——————————————————————————————————3/5—— "Best buy" credit cards 546 FOR LOTTERY, WE HAVE THE LOTTO p123 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Dec11 23:16:18    % BENEFITS    ——————————————————————————————  TRUSTING WAY TO AVOID DEATH DUTIES Placing term assurance policies in a trust can remove any payout from a deceased's estate. Parents often name children as beneficiaries. Spouses too can gain - while anything left by one spouse to another is free of Inheritance Tax, it can be months before the proceeds become available. However, policies in trust are not part of the estate so not subject to delay while waiting for probate. ——————————————————————————————————4/5—— Personal Finance headlines today 531 BACK A WINNER WITH RACING NEWS p550 Tax facts Credit&debt Holiday £ Racing
P543 Teletext 543 Dec11 23:17:15    & BENEFITS    ——————————————————————————————  TRUSTING WAY TO AVOID DEATH DUTIES Tax author Mark Largan says unmarried couples can benefit by putting term assurance into trusts so monies paid go straight to the partner or children. Trusts are straightforward to arrange, you only need to contact your insurance company and ask for trust forms which are not difficult to complete. "It costs nothing to this but the potential savings that can be made on Inheritance Tax are enormous," he adds. ——————————————————————————————————5/5—— Work out your holiday money 547 CHECK YOUR SHARE PRICES p520 Tax facts Credit&debt Holiday £ Racing