News & Blog

  • 11 January 2022

    Have you written a Letter of Wishes?

    By FMB

    If you have set up a trust, have you written a letter of wishes?

    As part of our ongoing review process, if a client has set up a trust, then we check if they have a letter of wishes in place and if it is up to date. There is a similar document for pensions usually known as an expression of wishes.

    A letter of wishes is a way for the settlor of a trust to inform the

  • 12 October 2021

    Muddy waters swirl around IHT

    By FMB

    In late July, HM Revenue & Customs (HMRC) published its annual statistics on Inheritance Tax (IHT). These revealed that IHT payments received by HMRC in the 2020-21 tax year totalled £5.4bn, up about £0.2bn (almost 4%) on 2019–20, when receipts were slightly lower than 2018–19. Typically, more than 20,000 deaths per year result in an IHT charge.

    The stats show that recent

  • "I am working with a client who is looking to sell their home and move into rented retirement accommodation. They need their two residential nil rate bands (RNRBs) to reduce the value of their estate so that they do not have an inheritance tax (IHT) liability. So, they asked me if they can still get the RNRB if they sell their home?

    In addition to the standard nil rate

  • In 2018, Chancellor Philip Hammond asked the Office of Tax Simplification to review Inheritance Tax*. However, subsequent events have meant that the tax regime for transfers of wealth between generations has not been revised, though Mr Hammond’s next-but-one successor Rishi Sunak could yet dust off two OTS reports**.

    A big deficit caused by the pandemic points to

  • 05 March 2021

    Budget 2021

    By FMB

    With the focus on kickstarting the economy, perhaps some of the tax rises we might have anticipated have been postponed for better times. However, there are still some less obvious ways the budget is set to bring in revenue.

    Tax allowance freezes

    Some of the tax allowances and thresholds will not move for years, meaning more and people are captured by them. This means

  • 08 January 2021

    Put Your ISA on the Agenda in Q1

    By FMB

    With the end of the tax year fast approaching (Monday 5 April), if you have cash that you don’t need to access in the short term and would like to use some or all of this year’s ISA allowance, don’t leave it too late and risk missing out on this opportunity to save tax-efficiently; remember you can’t carry any unused allowance over to the next tax year, so timing is

  • 13 July 2017

    Sharing a slice of the cake

    By FMB

    There are lots of reasons people don’t want to give away a slice of their hard earned cake! However, it could help you reduce your estate and therefore your Inheritance Tax liability.

    1) I don’t know the rules, I don’t want to cause a problem with the tax man. 2) Don’t you have to live 7 years for it to be tax free? 3) I don’t know if I will need it myself. 4) I don’t

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