Northern House Clearance

House Clearance Birkenhead gives the following example, Mr Smith owns a pair of vases. As a pair they are worth £1million, but a single vase is worth only £400,000. Mr Smith gives one of the vases to his son. The gift, for the purposes of inheritance tax, is not simply the £400,000 vase. Before the gift, Mr Smith’s estate included the pair of vases worth £1million. Afterwards he owned one vase worth £400,000. The value of the gift for inheritance tax is £600,000 (£1million less £400,000). This shows the ‘loss to Mr Smith’s estate’.

Creating an enduring (EPA) or continuing power of attorney may be a good idea if: the person has property and savings, and needs to plan for possibly becoming incapable of managing their own financial affairs because of old age or mental incapacity and the person understands what the document can do, and the person understands the potential risk that could result from giving someone else control over their finances; and the person has two trustworthy people to act as attorneys who can act jointly; and the family members and loved ones all agree actions to be taken in the best interests of the person. House Clearance Wirral would remind you this last point is important as bickering or other problems can be costly.

House clearance Bebington would like to remind you that If you have a lot of dealings with companies or individuals in currencies other than your home country’s currency, or spend a great deal of your time outside your home country, then you may need to have a lot of dealings with foreign exchange. A lot of private banks offer a specialised foreign exchange service to maximise the value of the funds being transferred from one currency to another, and to minimise the charges and taxes associated with financial transactions in foreign currencies.