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Inheritance Tax and Estate Planning

cat_iht.jpgThe impact of inheritance tax on even the most modest of estates can be severe. Inheritance Tax is the tax levied by the Government on your estate when you die; a charge of 40% is made on the net worth of everything above the designated threshold which is known as the Nill Rate Band. (Subject to certain exemptions)
It is levied upon everything you own, from all properties, cash saving & investments, personal effects and value of life assurance policies.

The Nill rate band for 2008/09 is £312,000.00 which will rise to £350,000.00 in 2010/11.

Inheritance Tax is not just a tax for the wealthy, with substantial rises in property values and increases in personal holdings; the direct affect means that many more people are affected.
How can we help?

Without affective inheritance tax planning, you could be leaving your family with a very large tax bill when you die.

Typical approaches to reducing Inheritance tax liabilities are:

  • The efficient use of Trusts
  • Ensuring assets are individually owned by family members up to the NRB threshold
  • Putting a suitable Will in place
  • Making full use of all Allowances and Exemptions
  • The giving of Assets as gifts (often called Gifted Assets)
  • The use of IHT efficient investments
 


Inheritance Tax Contacts

charles_dowell.jpgCharles Dowell
Managing Partner
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Ian PennyIan Penny
Partner
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