Inheritance Planning
Have you minimised your Inheritance tax liabilities to ensure that your chosen beneficiaries inherit as much of your estate as possible?
If your property, savings and other assets are worth more than £325,000* HM Revenue & Customs (The Tax Man) is likely to be one of your beneficiaries, in fact depending upon the size of your estate he could be one of your biggest, as tax is payable at 40% on the amount above this threshold.
Where an individual dies owning their main residence an additional £175,000 is added to the Nil Rate Band Allowance, increasing the total from £325,000 to £500,000** in the current tax year.
By planning ahead and taking advantage of the many exemptions and reliefs, there is enormous scope to save thousands in Inheritance Tax. Additionally simple planning can help to ensure your beneficiaries have the means to pay any tax bill due.
Inheritance Tax planning can take the form of one or more of the following actions:
- Making provision for the payment of tax
- Making Gifts in your lifetime
- Utilisation of various types of Trust
We are able to offer you a comprehensive, personalised service that is vital when considering what steps of action to take.
*£650,000 for a married couple. Tax information given is based on the 2020/2021 tax year, and may be subject to change in the future.
**£1,000,000 for a married couple.
