Inheritance Tax is
not any longer the preserve simply
of the rich and famous. With the ever-increasing
value of property in England more
and more people are finding themselves
within the threshold where Inheritance
Tax applies.
Anyone with assets over £325,000.00
may find they are liable to Inheritance
Tax that is currently charged at 40%.
When the value of property, pensions,
insurance policies, shares and other
assets are taken into account this
can mean that many of our clients
would be liable for large tax bills
in the event of their death.
It may be possible to have an effective Nil Rate Band of £600,000 on the death of the second party to a marriage/civil partnership and we can advise you regarding claiming this increased Nil Rate Band.
Lifetime gifts, either outright gifts or using a trust, are a useful tool to mitigate your Inheritance tax liability.
Taking legal advice to prepare your Will is a good opportunity to ask for advice generally regarding mitigating your Inheritance Tax liability.
For more information please contact Jane Forsyth. |
