Inheritance Tax Planning
Inheritance Tax (IHT) is usually due when someone dies and leaves an estate worth more than the current Inheritance Tax limit which is currently £325,000 to the 5th April 2015.
Traditionally seen as a tax on the very wealthy, people with modest estates weren’t too concerned about Inheritance Tax, but largely due to the increases in property prices over the last few decades, it’s become a real concern for many families.
- Did you know, spouses and civil partners are able to transfer their unused allowance meaning a married couple or civil partners effectively have a joint allowance of £650,000.
- If your estate is worth more than £325,000 and you want your beneficiaries to inherit without having to pay some or all of the tax, then advice is essential.
- Are you worried about how your family will pay their Inheritance Tax bill?
- Do you understand the rules around Potentially Exempt Transfers (PETs)?
- Are you worried about Capital Gains Tax if you sell some assets in your lifetime?
There are many solutions available to either reduce your liability, make use of exemptions, or provide methods to fund the tax bill. Advice in this complex area really is both sensible and essential.
Our Advisers have developed excellent relationships with some local solicitors and accountants creating a strong team on whom you can depend. Call us to find out how we can help you.
'The value of your investment can go down as well as up and you may get back less than you have invested'