New figures show average inheritance tax bill in Scotland for deaths in 2018/19 was £195,798, an 8.5% increase from the year before
This compares to the average bill in the UK of £209,502
Average bill in London was £271,820 and in Wales it was £155,963
Only 252 people paid IHT in Northern Ireland but forked out £40m between them
Although there were only 22,100 bills on UK deaths in 2018/19 – this number is expected to grow after Chancellor froze allowances for five years
The average inheritance tax bill in Scotland has climbed 8.5% towards £200,000 according to latest HMRC figures.
There were 1,190 deaths in Scotland in 2018/19 that resulted in an inheritance tax bill, and the average bill was £195,798. This was up from £180,469 the year before.
Only 3.7% of UK deaths resulted in an inheritance tax bill in 2018/19, but that percentage is expected to rise following Rishi Sunak’s decision to freeze the tax-free allowances for the next five years to help pay the Coronavirus bill.
And these latest figures show those families that do pay the 40% tax can end up forking out large sums of money.
Sean McCann, Chartered Financial Planner at NFU Mutual, said: “Inheritance tax is feared by many but paid by relatively few. But with the average bill in excess of £200,000, it can make a significant dent in a family’s wealth for those that do get caught in the net.
“With the tax-free allowances frozen for the next five years, rising asset prices and a heated housing market, a growing number of families will be impacted.
“It’s critical that families concerned about being caught by Inheritance tax seek advice as early as possible. The earlier you plan the more options you have to mitigate any potential bill.”
Ways to reduce your inheritance tax bill
With more and more families expected to pay inheritance tax over the next five years, for those with assets above the tax-free allowances, there are some simple ways to reduce your future bill:
Don’t touch your pension until you have to
Any money that is left in someone’s pension fund when they die is normally free of inheritance tax so make it the last thing you spend. Most other savings and investments are subject to inheritance tax but pensions are not.
Use business reliefs
If you leave a qualifying business behind then you may be able to pass it on tax free because of Business Property Relief.
Take out life insurance
Life insurance policies don’t reduce the bill itself but can provide a lump sum to your family to help them pay the bill. However, make sure that it is written in a trust so that the insurance policy itself is not included in the estate.
Make gifts
One great way to reduce the value of your estate is to give some of it away during your lifetime. Some gifts are immediately free of IHT. You can give up to £3,000 away each tax year, if you haven’t used the previous year’s allowance you can go back one year and get it.
You can also make gifts on marriage to your child (£5,000) a grandchild (£2,500) or anyone else (£1,000). You can also make unlimited gifts from your income, provided they are regular and don’t impact your normal standard of living. For most other gifts you need to survive for seven years or they will be clawed back into your estate.
Latest inheritance tax stats from HMRC available here:
Nominations now open for the 2021 LGIU Scotland & CCLA Councillor Awards
The only national awards ceremony celebrating the ‘vital’ work of individual councillors across Scotland opens its call for nominations.
Local Government Information Unit (LGIU) Scotland and CCLA are proud to officially launch the 4th annual Cllr Awards, honouring the achievements of councillors that so often go unrecognised.
This year’s award categories celebrate the essential and varied work of councillors and include the coveted Community Champion, Leader of the Year and New Councillor of the Year awards, alongside a new Resilience and Recovery category for 2021.
Nominations can be made by anyone who would like to recognise a councillor doing outstanding work for their community. They are open until Friday, 24 September with the shortlist unveiled at the end of October.
The winners will be decided by a panel of judges composed of senior councillors and officers as well as leading stakeholders from across the sector. They will be revealed at this year’s ceremony taking place on Wednesday, 24 November. Due to the ongoing Covid related restrictions, it will be held as a hybrid event with virtual link ups to a Glasgow venue.
This year’s awards are made possible thanks to the generous support of founding partners, CCLA.
Jonathan Carr-West, Chief Executive of LGIU Scotland, said: “Local government supports all of us, each and every day. On every street, in every town, up and down the country, it is the vital work of councillors that keeps things moving.
“Now is the time for us to support our local heroes by nominating those councillors who have stepped up to the plate during extraordinary circumstances to deliver for their communities.
“As we officially open nominations for Cllr Awards 2021, we welcome contributions from any member of the public as well as other councillors, officers and leaders. We look forward to once again receiving the highest calibre of nominations and showcasing the essential work of councillors in November.”
Over a third of Brits won’t tip via card due to lack of confidence it goes to the right person
A recent report from UK Finance has revealed the UK is another step closer towards becoming a cashless society as the number of payments made using notes and coins last year declined by more than a third.
As more businesses decide to go cashless, this new move towards a fast-tracked cashless society is having devasting effects on the nations tipping habits, according to a new report.
The 2021 Tipping Index commissioned by card payment specialist takepayments Limited, surveyed over 2,000 consumers to compare how tipping attitudes and behaviours have changed through the pandemic.
The findings reveal that pre-pandemic, cash was the most favoured payment method for tipping (91%) as almost two thirds (64%) of those that tip this way said they felt more confident the tip would go directly to the person who served them.
However as more businesses are no longer accepting cash, the research reveals less Brits are opting to carry cash as almost one in five (18%) said they no longer carry cash which they would usually leave as a tip.
This new cashless movement is impacting tipping habits as one in four (23%) said they would only leave a tip if they had spare cash on them and one in four (24%) said they would specifically bring cash especially to tip.
Coronavirus and hygiene fears play a part in people tipping less too, as almost one in six (14%) said they are now less likely to leave cash as a tip due to hygiene or health reasons.
While almost three in ten Brits recognise tips are a big part of peoples income, more than a quarter (27%) state that while places no longer accept cash and only accept card payments, tipping isn’t always possible as Brits lack confidence that tips made by card payments go directly to the person who served them (35%).
And for those Brits that do feel confident tipping on card, more than a third (35%) admit they leave a bigger tip when paying cash.
Sandra Rowley at takepayments Limited said: “While the sectors which commonly involve tipping can finally re-open, the professions who rely on tips to top up their income are unfortunately continuing to struggle due to the nation’s lack of knowledge around tips and card payments.
“There is a misconception around card payments and tipping which needs to be highlighted as businesses are able to separate tips from the cost of services when taking card payments.
“The government is set to announce a new proposal for a Tipping Bill next month which will hopefully give the public more knowledge around workers rights and tips, as well as instil confidence around tipping on card.”
The full findings of the takepayments 2021 Tipping Point Report are available to view here.
The Scottish Government are hosting a Public Health ‘Blether’, facilitated by Education Scotland, aimed at staff working in the Early Learning and Childcare sector to support the understanding of new public health guidelines for the sector.
During the session you will have an opportunity to hear from leading public health professionals, who will aim to provide reassurance and an opportunity for those participating to ask questions and share thoughts.
This event will be held on Microsoft Teams and as there are a limited number of spaces. If you are unable to attend the live event, a recording will be made available for you to watch.
When registering, there is an option to pose a question to the Public Health panel, these questions will then be collated and arranged by theme. A representative will present these questions on the audience’s behalf or we may ask you to unmute your mic and ask your question directly.
This is your chance to hear about updated guidance, connect with colleagues and ask public health officials questions
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Highlights of the ‘marketplace’ festival include:
• Family/Kids area 👪
• Market and stalls 🎪
• Background music, Live DJ 🎵♪
• Upcycling workshops ♻️
• Henna painting ✋
• Seed planting workshops 🌾🌱
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• Free clothes repairs 🧵 ♻️ 👚
• Free bike repairs 🚲 🔧
• Electric bike trials 🚴
• Free shop with clothes, books, shoes & more! 👚👠👗📚
• Free Yoga classes 🧘🏽♀️
Please join share the facebook event for more updates:
Parents have overwhelmingly backed Scotland’s Baby Box. In an independent evaluation, 97% of parents rated the box and its contents as good.
Around 186,000 Baby Boxes will have been delivered to families by its fourth anniversary on Sunday (15 August). Uptake among expectant parents hit a record high of 98% in 2020.
In the evaluation, parents highlighted benefits of the box, including saving them money on essential items for newborns and helping with information on child health and development.
In the evaluation:
91% parents agreed that getting a baby box had saved them money on items they would otherwise have to buy
84% of parents said they had found the leaflet on safe sleeping useful
60% of parents felt the inclusion of books in the baby box had encouraged them to start reading with their baby earlier – younger, first-time and lower income parents were particularly likely to say this
66% of parents said they found the leaflet on breastfeeding useful and 68% found the leaflet on post-natal depression useful
Children’s Minister Clare Haughey said: “The Baby Box is part of our commitment to making sure that every child, no matter what their circumstances, has the best start in life. I am delighted that so many parents continue to value the box, and that they and their babies are benefitting from it and its contents.
“It is encouraging to see that the positive impacts of the Baby Box are felt right across all families, but particularly among first-time parents, younger parents and families on lower incomes.
“This evaluation really highlights the positive impact it is having on parents and their newborns – a fitting tribute on its fourth birthday.”
Jackie Tolland, from Parent Network Scotland, said: “As a parenting organisation, we were delighted to be part of the launch of the Baby Box in 2017. Since then, we have heard many stories about how helpful and very much-needed the Baby Box has been to families.
“We continue to promote the Baby Box and thank the Scottish Government for keeping parents in mind at the start of their parenting journey. We appreciate all the support.”
