Guide to Inheritance Tax

Minimising an Inheritance Tax Liability

Helping you protect your wealth is an important part of what we do, and one thing is certain, you need to plan to protect your wealth form a potential Inheritance Tax liability. Benjamin Franklin once said that ‘nothing is certain but death and taxes,’ and thanks to Inheritance Tax, they’re not only certain, they’re intrinsically linked. Once only the domain of the very wealthy, the wide-scale increase in home ownership and rising property values over the past decade, has pushed many estates over the Inheritance Tax threshold.

Inheritance Tax applies to your entire worldwide estate including your property, investments and savings, your car, your furniture and personal effects and the proceeds of your life insurance, unless it is written in an appropriate trust.
Inheritance Tax as we know it today was introduced in 1986. The current rate of Inheritance Tax for everyone is charged at 40 per cent, and is paid by those that inherit. It is deducted from your estate on death, so inheritance tax is relevant whether you stand to gain an inheritance or you plan to leave one.

You should also consider all of your investments, pensions and life insurance policies and ensure that life polices are held in an appropriate trust so they do not add to the value of your estate.

If you would like to discuss the options available that could protect your legacy, please contact us for further information. We can help you with the many aspects of Inheritance Tax Planning, from advice on wills, trusts, and other tax efficient ways to ensure your wealth is best structured for your beneficiaries.

To receive your copy of the Inheritance Tax Guide click here.