Inheritance Tax
Inheritance tax is a duty paid by the estate of a deceased person when their estate exceeds their Nil Rate Band. A Nil Rate Band is the allowances before IHT is due. Currently the Limit is set at £325,000 per person with some people being able to claim an additional £175,000, if they own their own home and pass this to direct descendants. Any estates over this limit is subject to inheritance tax at a rate of 40%.
The UK paid almost £6Billion inheritance tax, the highest in record. Therefore, more and more people are searching for ways to pass on more of their estate to their families. Inheritance Tax planning is an important part of your estate and financial planning and should be included even when your estate is far below your allowances.
It is far easier to plan for a potential problem than is is to reduce an existing liability. For those who exceed their NRB already, there are some options available to reduce or mitigate the amount of Inheritance Tax they pay. For example, making use of gifting allowances or financial planning.
There are a lot of myths about what you can and cannot do when it comes to mitigating Inheritance Tax and it is important to get good advice as early as possible. If you have any questions about your own IHT planning, please contact us today for an assessment.
Need any further help?
Arrange a FREE 30 min consultation with a qualified advisor.
Get in Touch Today
Wills and Trusts
Etiam sed neque iaculis diam venenatis rhoncus eu in enim. Curabitur nec nulla quis ipsum commodo sollicitudin et in enim. Maecenas ornare blandit.
Powers of Attorney
Etiam sed neque iaculis diam venenatis rhoncus eu in enim. Curabitur nec nulla quis ipsum commodo sollicitudin et in enim. Maecenas ornare blandit.
Probate
Etiam sed neque iaculis diam venenatis rhoncus eu in enim. Curabitur nec nulla quis ipsum commodo sollicitudin et in enim. Maecenas ornare blandit.
Inheritance Tax
Etiam sed neque iaculis diam venenatis rhoncus eu in enim. Curabitur nec nulla quis ipsum commodo sollicitudin et in enim. Maecenas ornare blandit.
Landlord/Business Succession
Etiam sed neque iaculis diam venenatis rhoncus eu in enim. Curabitur nec nulla quis ipsum commodo sollicitudin et in enim. Maecenas ornare blandit.
Court of Protection
Etiam sed neque iaculis diam venenatis rhoncus eu in enim. Curabitur nec nulla quis ipsum commodo sollicitudin et in enim. Maecenas ornare blandit.
ADVICE CENTRE
Information and resources
View our vault of articles, case studies and information to give you a deeper understanding of the subjects we can help you with.
How a Vulnerable Persons Trust Can Secure Your Loved One’s Future
How a Vulnerable Persons Trust Can Secure Your Loved One’s Future — Whatever Their Challenges If you have a child or family member who struggles to manage money due to disability, learning difficulties, mental health conditions, or complex life circumstances, leaving...
How UK Business Owners Can Pass On Their Business Without a Huge Inheritance Tax Bill
How UK Business Owners Can Pass On Their Business Without a Huge Inheritance Tax Bill Business Property Relief inheritance tax rules can make or break a family business. If you've dedicated years to building a successful business, safeguarding your legacy from...
