Inheritance Tax

Inheritance tax planning is one of the most significant things you can do to protect your loved ones income and to ensure your assets are passed onto those you care about rather than ending up as taxable revenue.

Good advice can save you significant sums of money and give you valuable peace of mind.

Rising property prices over the last 10 years has meant that inheritance tax is now affecting increasing numbers of homeowners with the current inheritance tax threshold as follows:-

• 2007 – 2008: £300,000
• 2008 – 2009: £312,000
• 2009 – 2010: £325,000
• 2010 – 2011: £350,000

Inheritance Tax may be payable at a rate of 40% on assets in an estate exceeding the tax threshold. Each individual has a personal Inheritance Tax allowance up to the value of the threshold. With expert legal advice, forward thinking and planning, you can structure your finances and assets to minimize your tax liability.

New rules fundamentally change the Inheritance Tax position for married couples or members of civil partnerships allowing a surviving member to claim any part of their deceased’s partner unused allowance for use on the death of the surviving spouse or civil partner. This could double the tax free threshold on the second death and could represent a very substantial tax saving – and it has been back-dated indefinitely so that all surviving spouses can now use their deceased’s partner’s allowance on their own death. A successful claim needs to be supported by certain documents and information which ought to be assembled by anyone who has lost a spouse in the past.

Our practitioners have extensive expertise in the inheritance tax sector and can offer you valuable advice on how to maximize your assets both personally and professionally advising on all the relevant allowances, reliefs and exemptions including post death deeds of variation.

Please give us a phone call and arrange an appointment with someone who can guide you from perplexity to peace of mind as you plan for the future.

You can contact us direct by completing an online enquiry form.