. . . with proper planning
. . . provides for the future
Inheritance Tax Planning- for your family
Your estate could be subject to inheritance tax
It’s important to remember that when you die, your estate could be subject to inheritance tax (IHT) if it’s worth more than the inheritance tax threshold.
The current inheritance tax threshold is £325,000 per person, so married couples and civil partners can have a joint estate of £650,000 before any IHT is payable. In most cases tax is currently payable at 40 per cent of everything over the IHT threshold. (or 36% if you leave at least 10% of your assets to a charity).
Inheritance tax can cost loved one’s hundreds of thousands in the event of your death, yet with careful planning it’s possible to legally reduce the bill significantly, or possibly pay none at all.
The rules and regulations are constantly changing
George Osborne revealed in July 2015’s Summer Budget he will introduce a new tax-free ‘main residence’ band from 2017, but it is only valid on a main residence and where the recipient of a home is a direct descendant (classed as children, step-children and grandchildren). It is being phased in gradually, starting at £100,000 from April 2017, rising by £25,000 each year till it reaches £175,000 in 2020.