Inheritance Tax
Inheritance tax is a duty paid by the estate of a deceased person when their estate exceeds their Nil Rate Band. A Nil Rate Band is the allowances before IHT is due. Currently the Limit is set at £325,000 per person with some people being able to claim an additional £175,000, if they own their own home and pass this to direct descendants. Any estates over this limit is subject to inheritance tax at a rate of 40%.
The UK paid almost £6Billion inheritance tax, the highest in record. Therefore, more and more people are searching for ways to pass on more of their estate to their families. Inheritance Tax planning is an important part of your estate and financial planning and should be included even when your estate is far below your allowances.
It is far easier to plan for a potential problem than is is to reduce an existing liability. For those who exceed their NRB already, there are some options available to reduce or mitigate the amount of Inheritance Tax they pay. For example, making use of gifting allowances or financial planning.
There are a lot of myths about what you can and cannot do when it comes to mitigating Inheritance Tax and it is important to get good advice as early as possible. If you have any questions about your own IHT planning, please contact us today for an assessment.
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