|What is inheritance Tax ?
In simple terms, Inheritance
Tax is based on the value of your home and its contents, your
savings and investments, and any other assets that you own in
your name or jointly with others when you die. Assets passing
to your spouse or to charity will be excluded. Qualifying business
and agricultural property can also attract relief of up to 100%.
Certain gifts that you may have made in the last seven years may be taken into
account. Debts outstanding at the time of death will normally be deductible in
determining the value of your taxable estate.
|Inheritance Tax Planning & Advice
Without Inheritance Tax planning, many people
can end up leaving a substantial tax liability on their death
so that bequests can have a much lower value than anticipated.
In some cases, the tax burden left on beneficiaries, particularly
in respect of property, can result in the beneficiaries having
to sell rather than retain the asset in order to meet the inheritance
Although transfers between husband and wife are tax free, such transfers really
only postpone the tax liability because tax is payable on the estate of the
Inheritance Tax is currently charged at 40%
on the value of estates above £255,000. This figure can
easily be reached when taking into account the value of property,
It is also worth bearing in mind that the value of some assets, particularly
property, may have increased significantly since they were purchased. We specialise
in providing solutions to minimise your Inheritance Tax liability. We want
your intended beneficiaries to benefit most from your estate, not the taxman.
Please contact us to discuss how
we can help you, for more information or to arrange a no obligation