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ACCOUNTANT EXPLAINS: The HMRC Loophole That Feels Illegal

Michelle Eames - Helpbox UK

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Run a small business and need some help with tax and accounts?

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TIMESTAMPS
0:00 - Intro
0:51 - Why Inheritance Tax is a Huge Issue
2:45 - Gifts from Surplus Income
5:00 - Business Property Relief (BPR)
7:29 - Life Insurance Written in Trust
9:26 - Common Mistakes
10:59 - Final Thoughts

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Helpbox UK, Fareham, England

⚠️ Disclaimer:
All opinions are my own. Information is correct at time of filming. This video does not constitute personalised financial advice.

20 Comments

@helpboxuk Creator 3 months ago Pinned

Run a small business and need some help with tax and accounts?

Book a Free Quote → https://tinyurl.com/4zcwnakj

@simoncook1325 2 months ago

My sister died aged 56. 2 years ago,the inheritance tax bill was 300K.Luckily pensions weren't included then,if they had been it would have been much higher.Inheritance tax is disgusting,paying tax on something you've already paid tax on

@zuris10 2 months ago

Feels like things have only got worse since Robin Hood.

@SoloSi2024 2 months ago

Don't forget the extra £175000 allowance if you gift your home to a direct descendent, making it £500,000.

@richardbenson7264 3 months ago

Great advice, what a sad rip off this country has become .

@chairmakerPete 3 months ago

Everything you think you own is really just being leased to you by the state. Every incentive to work hard to build wealth for your family is opposed by the state. Then folks wonder why our best brains leave and we have no growth...

@adrianlw2750 3 months ago

I suspect that ordinary people with an income (earnings or pension) would not be accustomed to or of the mindset to passing on a regular “from income surplus” amount to others in the family. I appreciate you gave it only as an illustration (someone earning £120k pa but only needing £70k, therefore good chunk left after tax to play with/distribute) but I picture maybe the more realistic pensioner, mortgage finally paid off, house is their major asset, “comfortable” day to day finances, but wanting to give away some money here and there and enjoy seeing family enjoy some financial easing from these gifts, as and when it suits them.

The ordinary people suffer. HMRC clobbers the innocent and naive, those with an ordinary mindset and not accustomed to finding loopholes or technical routes to achieve effectively similar result - passing on a surplus without a tax on their generosity. The well-off get financial planning.

The IHT threshold is so out of date it is laughable.

@janeknight3597 3 months ago

Gifts out of income is very difficult to sort out for ordinary people. I am constantly worrried.

@toucan221 3 months ago

Thank Michelle more great advice and information from you and your colleagues, one of the Best yet. ✔✔😃😃

@simonsnell2927 2 months ago

Everything should be linked to inflation , inheritance tax, the personal allowance, the higher tax thresholds etc. the government freeze all these which effectively makes everyone poorer and contributes to the cost of living crisis, yet councils have been allowed to increase bills by twice the rate of inflation year after year. If this carries on ad infinitum eventually people’s entire income will go to the government!, Surely this will mean the government having to pay out more and more in universal credit and other benefits which will eventually bankrupt the country

@kevinallwood2730 3 months ago

My financial adviser talked us through this only yesterday. Although we have been retired over 10 years, as I understand it, income is not just about your annual salary. Our SIPPs and ISAs are in stocks and shares, so the dividends we receive that are paid straight into the SIPPs and ISAs, count as income. Also our state pensions count as income. I was somewhat surprised at just how much surplus income we have !!

@pootle5096 3 months ago

It's blatant THEFT and designed to strip the middle classes of their savings as part of Agenda 2030.
The parasites who run this world WANT everyone beggered and desperate so that they can implement their new financial system where we own nothing at all.

@MAAT33G 3 months ago

47, after listening 👂 religiously and watching her videos.
I am retiring at 58,
Maybe a extra 2 years for a top up lol
Glad I am just a simple man without big money problems

@stephenparrott3377 3 months ago

Thanks Honey for the great information. Suddenly sadly I am now having a bad day. Great job though. My head hurts.

@sabinereyner5006 3 months ago

What happened to relief on passing on your home to direct descendents?

@stephen3511 3 months ago

People on benefits are better off than many middle income families.

@Tweed34 3 months ago

Or just move to the isle of man early enough to avoid the IHT problem

@pataleno 3 months ago

my parents are in their late 80's. In their 60's they sold everything house etc and gifted the money to my family and kept a small bit back to supplement their state pension. Best thing they ever did. I will retire at 60 and do the same.