Decisions on dealing with inheritance tax can often be difficult to navigate, but, taken properly, they can avoid or reduce the need for your loved ones to pay more tax than they need to when you’re gone. What’s important is that these decisions are made before you go!
At present, the first £325,000 (2016/2017) of an individual's estate is not liable to Inheritance Tax. For married couples and registered civil partners, it is currently £650,000 if the full allowance is passed to the surviving spouse.
Anything over this amount is taxed at 40% on death. If your estate is likely to be over the current thresholds, there are options available that you can consider to help mitigate Inheritance Tax, including:
One of our specialist and experienced advisers would be happy to discuss how your finances will be dealt with when you’re gone, from ensuring you have a will in place to reducing the impact of tax on your inheritance. Contact us now to arrange a free, no-obligation appointment to discuss your requirements further.