• Skip to main content
  • Skip to footer
SBCA Chartered Accountants

SBCA Chartered Accountants

Chartered Accountants in Preston

Call Us Now 01772 204102

  • Facebook
  • LinkedIn
  • Twitter
  • Accountancy & Tax
  • Business Growth
  • Private Wealth
  • Who We Help
  • About
  • Our Team
  • Client Testimonials
  • Contact
  • Client Login

Ken Dodd has the last laugh

The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of 40 years just days before his death.

10th April 2018 by Chris Bond

The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of 40 years just days before his death. By doing this it is estimated his estate has avoided a tax bill of almost £2 million.

This last-minute marriage serves as a useful reminder that marital status continues to play a very important role in the inheritance tax liabilities of those affected. The inheritance tax rules allow for the transfer of assets to a surviving spouse or civil partner free of inheritance tax (subject to some limited exceptions).

In addition, the surviving spouse or civil partner receives the benefit of the nil rate band (currently £325,000) unused on the death of their partner. When the second person dies, their estate is allowed to utilise their own nil rate band plus the remaining proportion of the unused nil rate band from the death of the first partner. This in effect allows for the doubling of the nil rate band for married couples and civil partners.

Although Sir Ken and his partner did not have any children, there is also the new IHT main residence nil-rate band (RNRB) that came into effect on 6 April 2017. The RNRB will eventually allow for a £175,000 per person transferable allowance for married couples and civil partners when their main residence is passed down to children after their death.

This was not the first time that Sir Ken Dodd had made news with his tax exploits. In a Liverpool Crown Court case back in 1989, Sir Ken Dodd was charged with tax evasion. The trial, that lasted for three weeks, eventually saw Dodd acquitted of fraud charges, although he did pay taxes due. In the case, Dodd was represented by George Carman QC, who famously commented that ‘some accountants are comedians, but comedians are never accountants’.

For help and support with tax planning, get in touch with our experts today.

Category iconInheritance Tax,  Tax Planning Tag icontax,  Tax Planning

Xero Gold Partners
ICAEW Chartered Accountants
Clear transparent pricing champions

Footer

Get Your Free Copy of Chris’s Book

Reflect Dream Do

Quick Links

  • Get in touch
  • Book Your Discovery Call
  • Client Testimonials
  • Blog
  • Meet Our Amazing Team
  • Work for us
  • Time. Money. Headspace.

Get Your Free Tax Planning Checklist

Business Tax Planning Checklist

Join The Preston Business Community

Preston Business Community

The Latest From Our Blog

Tax Time

Tax Time – Dates for May 2022

21st April 2022 By Chris Bond

THE UPS AND DOWNS OF SPRING STATEMENT 2022

The ups and downs of spring statement 2022

24th March 2022 By Chris Bond

Tax Time

Tax Time – Dates for April 2022

21st March 2022 By Chris Bond

Read more from the blog

We use telephone tracking numbers to link a user’s call to the marketing channel that they originated from. This is done using cookies, you can choose to decline cookies using your browser settings if you would prefer not to be tracked. We may record calls for training or monitoring purposes.

This firm is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.

Copyright © 2022 SBCA Chartered Accountants · Privacy Policy · Terms & Conditions · Site Design by Simply Smarter Marketing