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Inheritance Tax Planning Advice

Do you know what your estate is worth?

If your total estate (your house, your possessions, your savings and investments etc) is valued at £325,000 or more (for the tax year 2017/18), the excess (everything above £325,000) could be subject to Inheritance Tax (IHT).

Inheritance taxes are calculated at a rate of 40% so, for example, if your total worldly goods are worth £500,000 (and with today’s house prices you'd be surprised at how quickly that can be achieved), potentially your estate could have to pay out £70,000 in IHT. That's a big chunk of money for your beneficiaries to miss out on.

Changes to legislation in 2007 mean that the inheritance tax threshold is now transferable which allows couples to combine their allowances and so escape tax on the first £650,000 of an estate.

Fortunately, there are ways in which we can help you to minimise any IHT liability you may have through specialist tax planning, gifts, making the right type of will, effecting a whole of life assurance policy, (available on a first or second life basis) setting up trusts etc.

Planning for inheritance tax is a complex subject and we would advise you to talk to one of our specialist Financial Advisers to see how we can assist. You may also need legal advice in will writing and setting up a trust and we can suggest suitable solicitors if required.

Tax and legislation are liable to change in the future. Tax relief may be altered and the advice given will depend on their individual financial circumstances.

Telephone us on 0800 458 3525 for further advice and information.