It’s also sometimes payable on assets you may have given away during your lifetime. Assets include things like property, possessions, money and investments.
Inheritance tax may also be payable on certain lifetime gifts.
With the increasing wealth of individuals the tax is becoming relevant to more and more people. Currently it’s levied on everything you leave over £325,000 (2015/2016). The rates of Inheritance Tax are 0% and 40% for everyone. The tax is paid by the estate – and is deducted from the estate on death – so Inheritance Tax is relevant whether you stand to gain an inheritance or you plan to leave one.
How Can We Help?
We have considerable experience in the design and implementation of IHT mitigation schemes for our clients. Some of these can be complicated but there are also some basic inexpensive steps, which can create immediate benefits in the majority of cases.
Some are only applicable to married couples and civil partners but there are also steps that single people should take. The vital feature is that in mitigating the tax liability, you should not risk your lifestyle by reducing income, access to your capital or, in giving away your property, lose the right to remain living there.
Book an appointment now to ensure you leave your legacy to your loved ones. Use our handy calendar booking tool, or if you’d prefer, get in touch via our contact page.
Levels, bases of and reliefs from taxation are subject to change and their value depends on individual circumstances
The above areas are not regulated by the Financial Conduct Authority