Inheritance Tax Planning
The 18th Century American Politician Benjamin Franklin was correct when he stated “In this world nothing is certain but death and taxes”. What he did not say was that those taxes can be mitigated and in some instances avoided with careful planning and advice.
Inheritance Tax is a charge against your estate after you die. The value of your estate up to the “nil rate band” is not liable to the charge. The current nil rate band (which is in place until 2014) is set at £325,000. If the value of your estate exceeds this figure the balance may be liable to Inheritance Tax at a rate of 40%.
In some instances it is possible to transfer an unused allowance from a spouse or civil partner that has died before you but there are other steps that can be taken to help save the tax payable.
Our specialist solicitors are members of the Society of Trust and Estate Practitioners and can advise on the steps you can take to help save paying unnecessary tax.
It is important that you take legal advice on these issues. We work closely with Accountants and Financial Advisers and listen to your needs and wishes before advising on the steps you can take to save Tax and plan for your future.
If you would like to know more, please contact one of our specialist solicitors to arrange a review of your circumstances.
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Stephen Dove |
Justin Wallace |
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