Inheritance Tax Planning
So with the right expertise inheritance tax can be reduced or removed altogether. However, if you do nothing the value of your estate over and above the Inheritance Tax nil rate band will be taxed at 40%.
Unfortunately, most of us leave it too late to reduce our Inheritance Tax liability and all too often the wealth we would like to pass on when we die is reduced considerably. The earlier we start tp plan for this, the better the results.
Inheritance Tax is payable on death and any gifts made in the previous 7 years that are worth more than the nil rate band. This currently amounts to £325,000 for individuals or £650,000 for married couples. New rules will be introduced from 6th April 2017 and an additional nil rate band will be slowly introduced, initially giving an additional £100,00 to set against the value of the family home, but only if this is left to your children.
Even if you think it’s too late, there are Inheritance Tax Mitigation strategies that could protect your wealth and help retain your wealth within your family.
For most of us family comes before state. Most of us would prefer to choose who receives our wealth when we die.
We can review your Inheritance Tax position to establish your potential Inheritance tax liability and advice you on the most appropriate strategies to mitigate your Inheritance tax liability.