Inheritance Tax Planning
It is never an easy subject to contemplate, but without taking adequate steps you could be liable to leave behind a 40% Inheritance Tax bill on the value of some of your estate on death.
If, when you pass away, the value of your estate is above £325,000 if you’re single or divorced, or £650,000 if you’re married or in a civil partnership, but everything you own above this threshold may be liable for a 40% IHT bill.
These Inheritance Tax thresholds might seem like a lot, but when you add up the value of your estate – which includes your residential property and any other properties you own, and cars, jewellery, savings and investments – you might be surprised by your estate value.
Take steps today – inheritance tax planning review
If you believe you might have an Inheritance Tax liability (or, indeed, may do so in future, there are ways of looking at tackling the issue. For example, there are annual gift exemptions which you can utilise to give some of your wealth to loved ones early, free of tax and there are ways in which you can invest money using trusts or other investment options to pass on your wealth to your chosen beneficiaries. It is strongly recommended you seek advice and we would be happy to discuss all of the options available to you.
Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.