Inheritance Tax (“IHT”) is charged on your assets when you die, if they exceed certain limits. Each person has a “Nil-Rate Band” which is currently set at £325,000. Any assets exceeding this amount are taxed at 40%.
In all likelihood, the Nil-Rate Band will not keep pace with the increase in house prices and many more people will be subject to IHT in the future.
Proper tax planning can ensure that the amount of IHT you pay on death is reduced significantly or saved altogether. We can help you by:
- Preparing tax-efficient Wills;
- Advising on the availability of exemptions and reliefs during your lifetime and on death to reduce IHT liability
- The preparation of Pilot Trusts to deal with lump sum pension payments
- Making post-death variations to adjust the distribution of assets, saving tax for the next generation
Your liability to IHT can be reduced significantly or altogether with appropriate tax planning. Take advice now in order to provide the maximum benefit to your family.
For further information, please contact one of our specialists in the Wills, Trusts and Probate Team, complete our online enquiry form or contact our client care team who will be pleased to help you with your enquiry.