Inheritance Tax Advice

 

Independent Inheritance Tax Advice in London

 

“Inheritance Tax is, broadly speaking, a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.”

- Lord Jenkins, March 1986

 

Inheritance tax is hanging over more and more of us each year. This is largely due to the rise in residential property values. The current IHT allowance is £300,000 (2007/2008). Depending on the value of your house and other assets this may not be that big an allowance. If you die leaving an estate worth more than £300,000 and you have no spouse your estate will come in for IHT at 40% on the balance.

 

Even if you do have a spouse to inherit then this only puts off the time when tax will be payable because he or she will also pass away one day. It is worth doing some forward planning with a Tax Adviser to decide whether it would be appropriate to gift some of your estate, perhaps to children or other relatives, during your lifetime; or possibly redirect assets up to the value of the Nil Rate Band into a trust on death.

 

 

 

There are different strategies that may be employed to reduce your overall tax burden and enable you to have a clear plan for the future.

 

Tax Planning may appear confusing or complex but our Advisers are able to explain things clearly and provide advice that is suitable to your overall needs and circumstances.

 

Strategies include:

 

•  Using Allowances

 

•  Nil Rate Band Planning

 

•  Insuring to Offset

 

•  Trust Work

 

•  Investment in Exempt Assets